Trump threatens to slap tariffs on all $505bn of Chinese imports

Trump MAGA hat

President Donald Trump said he was ready to impose tariffs on all $500 billion of imported goods from China, remarks that sent the U.S. stock market and dollar retreating and threatened to escalate a trade clash with the Asian giant.

On Thursday, Trump told CNBC he was "not thrilled" about the Federal Reserve's interest-rate hikes, breaking with the long-standing precedent of American presidents not commenting on Fed policy out of respect for the central bank's independence from political influence.

The dollar began taking a hit on Thursday after Trump suggested that the Fed's policy of raising United States interest rates was pushing up the dollar, in turn hurting American exporters. "As usual, not a level playing field", Trump tweeted.

The threat to place tariffs on all Chinese goods sent to the USA would effectively end the tit-for-tat trade battle between the two nations, as Chinese imports from the United States are a comparatively small $129.9 billion. Tightening now hurts all that we have done. The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. "In fact, an argument can be made that the President's comments may skew the Committee in a hawkish direction: if a decision is a close call then the appearance of kowtowing to the President may bias them toward raising rates". In particular, the Fed's most recent rate hikes could dilute some of the benefit of the tax cuts Trump signed into law previous year. "I really like President Xi a lot, but it was very unfair". Interest rates are seen as the domain of the central bank, while the currency is regarded as the responsibility of USA treasury officials.

Trump frequently accused China of tanking its currency on the campaign trail, but the Treasury Department has decline to label the country a currency manipulator for two consecutive years. Trump has already imposed tariffs on $34 billion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports. The released Nixon tapes revealed numerous conversations between the president and Burns in which Nixon pressures the Fed chair to keep rates low.

"Donald Trump will be the president until at least January, 2021".

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Feroli also noted that the easiest way for Trump to bend the Fed to his political will would be to fill the Federal Reserve Board of Governors with members that agreed with a low interest rate policy or were personally connected to the president.

The growing share of worldwide trade under threat - including the tariffs on autos and auto parts now under consideration - has raised the prospect the escalating trade war could harm the global economy by disrupting manufacturing supply chains, raising prices and causing firms to hold off on new investments.

"Now I'm just saying the same thing that I would have said as a private citizen", he said.

Donald Trump said he was concerned about the potential impact on the USA economy and American corporate competitiveness from rising rates and a stronger dollar.

President Trump departs after speaking at a "Pledge to America's Workers" event in the East Room of the White House on Thursday.



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