Trump Says He's 'Not Thrilled' About US Interest Rate Hikes

Trump Says He's 'Not Thrilled' About US Interest Rate Hikes

Carlos Barria/REUTERS/NewscomPresident Donald Trump now says he's willing to slap tariffs on all imports from China.

TRUMP TALK: Trump told the TV channel CNBC he was ready to exchange tariffs with China until all of China's exports to the us - worth over $500 billion a year - are hit.

Trump has already imposed a 25 percent import tax on about $34 billion worth of Chinese tariffs. With those nations nearly certain to retaliate, the result could be higher prices for Americans, diminished export sales and a weaker USA economy by next year.

Washington also is now targeting another $200 billion in imports which see fresh tariffs imposed as soon as September.

"I'm ready to go to $500 [billion]", Trump added. "I'm not doing this for politics", Trump said in an interview with CNBC.

The administration says it wants China to end the theft of intellectual property from US companies and curb policies that require American and other foreign businesses to hand over technology in exchange for access to the Chinese market.

China does not have the wherewithal to match the US on tariffs, but it has other tools. But such a maneuver could also spur an outflow of capital that Beijing has tried to stanch.

Trump said he was concerned that the "Chinese currency was dropping like a rock" and the strong USA dollar "puts us at a disadvantage".

The impact on Hong Kong, and its "transparent, clear, fair and global economy", was not intended, the official said, but was an inevitable result of the trade war.

TIME Magazine's striking new cover blends Trump and Putin into one person
He called the news media the "real enemy of the people" again in a tweet , a message that resonates with his political supporters. Russian President Vladimir Putin speaks during a conference of Russian ambassadors in Moscow , Russia , on July 19, 2018 .

Mr Trump has imposed tariffs on steel and aluminium imports and threatened crippling levies on European cars.

Angela Merkel, the German chancellor who used her annual summer press conference to warn of a proposed 25% USA tariffs on European cars and components on national security grounds, said Junker "will be making suggestions there about how we can enter into a discussion process to avoid this".

China imports just under $130 billion in USA products each year, according to the Census Bureau, which would seemingly put that country at a disadvantage in the dispute.

Trump had earlier threatened to target up to $550 billion in Chinese products - a figure that exceeds the $524 billion in goods and services China actually shipped to the United States previous year.

The White House on Thursday attempted to ensure markets that the Fed maintains its independence after the CNBC interview was aired.

"The United States should not be penalized because we are doing so well", Trump said in a tweet Friday morning.

St Louis Federal Reserve Bank James Bullard said on Friday the Fed would remain unaffected by Trump's comments on monetary policy and expressed concerns about rising tariffs.

"The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals", he wrote.

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