President Trump Eyes an Additional $500B Worth of Tariffs on Chinese Goods

US dollar down on as Trump makes fresh threats vs China

Several U.S. companies are putting in place measures to cushion the impact of escalating trade tensions between the United States and China.

This comes after the White House proposed placing additional tariffs on Chinese goods, because the country imposed $34 billion worth of retaliatory tariffs on the U.S.

US President Donald Trump said in an interview released today he is willing to hit all Chinese goods imported to the United States with tariffs if necessary. Higher vehicle prices for American consumers would inevitably follow. "He's been saying since the '80s that trade deals are bad and we should have more tariffs, and that's what we're getting".

Nevertheless, reports CNN, analysts say China will be reluctant to weaken the yuan much further "as a weapon" in the trade war, pointing to the "chaos caused in Chinese and global markets by sharp falls in the currency in 2015 and 2016". It expects that 700,000 jobs would be lost.

Mr Trump has voiced his opinions on trade with China since before his election, and on the campaign trail promised to label Beijing a currency manipulator within the first 100 days of his presidency - a pledge he has not yet fulfilled.

On Wall Street, the Dow Jones Industrial Average rose 9.71 points, or 0.04 percent, to 25,074.21, the S&P 500 gained 0.39 points, or 0.01 percent, to 2,804.88 and the Nasdaq Composite added 9.01 points, or 0.12 percent, to 7,834.31.

Even while threatening China, Trump tried to reassure the Chinese government that he was not looking to "scare" the country. President Xi Jingping "cannot lose face with his own people by giving in to the United States", Dollar said.

China has pledged to retaliate against U.S. tariffs in "equal scale and equal strength".

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After Beijing offered this spring to buy more natural gas and farm goods from the U.S.to narrow the trade deficit, Treasury Secretary Steven Mnuchin said the trade war was "on hold".

Trump supporters eager to get their hands on Trump-themed shirts and hats may have to wait more than they normally would have - and it's all thanks to the president's tariffs. "They've received conflicting messages depending on who they speak with".

"If the administration continues forward with its misguided and reckless reliance on tariffs, I will work to advance trade legislation to curtail presidential trade authority", Hatch said. Yet any such agreement would require extensive talks over how it would be implemented and verified.

Those comments came a day after he said he was "not thrilled" that the Federal Reserve was raising interest rates.

But Trump kept some of the focus on trade fights after telling CNBC in an interview that he was willing to significantly expand the conflict with China by adding tariffs to all USA imports.

The dollar slid against the British pound and the euro after Trump's comments on the Fed.

"You have to take seriously that (imposing tariffs) is what he really wants to do", said Adam Posen, president of the Peterson Institute for International Economics.

"Trump has been clearly bothered by this tactic and yesterday's comments reflected his frustration at losing the battle in the trade war".

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