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Trump Threatens to Dramatically Expand Trade War With China

Trump Threatens to Dramatically Expand Trade War With China”

The outbursts were another crosswind for Wall Street, which struggled to find direction and was flat towards midday after a negative open. In return, China levied taxes on the same value of USA products.

Hoping to keep a lid on inflation as the world's largest economy gathers pace, the Fed has raised its benchmark lending rate seven times since 2015 and expects two more rate hikes this year.

Trump has been on a mission to reduce the US$552-billion USA trade deficit and rebuild the nation's manufacturing sector. I don't necessarily agree with it because he's raising interest rates, I'm not saying I agree with it, and I don't necessarily agree with it, I must tell you I don't.

Trump reiterated threats to impose tariffs on almost all Chinese imports to the U.S. in a CNBC interview broadcasted on Friday.

"I'm ready to go to 500", Trump said during an interview on CNBC, referring to the dollar amount of Chinese imports to the United States a year ago, $505.5 billion.

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Trump has also pledged to narrow the US' trade deficit with China.

Even while threatening China, Trump tried to reassure the Chinese government that he was not looking to "scare" the country. Earlier this month, the United States imposed tariffs on $US34 billion ($45.8 billion) of Chinese imports. Last week, the White House announced a possible second tranche targeting up to $200 billion worth of goods. More than 70 per cent of Republican and Republican-leaning U.S. adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Centre survey.

On Thursday, the European Union said it was developing plans to hit back at the United States if it attempted to place import tariffs on cars, something Trump has repeatedly threatened to do. "I want them to do well. I want them to do well", the United States president said of China. "So somebody would say, "Maybe you shouldn't say that as a president"-I couldn't care less what they say because my views haven't changed". But it was very unfair".

The accusation follows months of escalating trade tensions between.

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. But at the same time I'm letting them do what they feel is best, ' Trump said.

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During the 2016 presidential campaign, Trump was highly critical of the Fed and accused its policymakers of keeping rates at ultralow levels to favour Democrats.

"We're down a tremendous amount", Trump said in the interview, which was recorded on Thursday, about trade imbalances with China.

The US president did not limit himself to commenting on tariffs and trade, and he accused China and the European Union of currency manipulation. In a reference to interest-rate increases by the Federal Reserve, Trump added, "tightening now hurts all that we have done".

The US dollar weakened against the euro, yen and yuan after the president's tweets. Analysts suggest Beijing is willing to let the yuan depreciate the longer the trade war rumbles on.

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