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".

More news: 'Flash' Season 5 Preview: Do Barry and Iris Welcome Daughter Nora?

After Beijing offered this spring to buy more natural gas and farm goods from the 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".

Related News:

Most liked

Cadbury to launch Dairy Milk bar with 30% less sugar
Mondelez said it would look to apply the approach to other Cadbury Dairy Milk products if it proves successful with consumers. Mondelēz global is launching a range of lower sugar options of some of its most popular chocolate bars in the UK.

Trump says lawyer taping him may be 'illegal'
Cohen's office, which Federal Bureau of Investigation agents raided in April and where the tape reportedly came from, is in NY . One in particular features Trump and Cohen discussing an affair that Trump had back in 2006 with ex-playmate Karen McDougal .

Britain's May in Northern Ireland to push her Brexit vision
This would be based on the Commission's proposal but "not necessarily" stick precisely to the outline released in March, he said.

Will Janhvi Kapoor and Ishaan Khatter Recreate the Magic of Sairat?
On its opening day, Dhadak earned Rs 8.71 crore, and overtook the first-day collection of Student Of The Year . However, Janhvi Kapoor has stated that her character, who is named Parthavi, will be quite different.

Trump responds to Cohen taping: 'Your favourite president did nothing wrong'
But another source told CNN that the conversation was not as Giuliani described, saying the tape was in no way good for Trump. Giuliani also denied Trump had an affair with McDougal.

Massive diamond cache detected beneath Earth's surface
Diamonds, along with magma from the depths of the Earth, can be sprayed onto the Earth's surface through kimberlite tubes. At the very bottom of these cratons lie the diamond "roots".

Inside Trump's isolation after Putin summit, walkbacks
The White House had to come out and issue another clarification, insisting it would not be happening. She said at the Aspen Forum that Russian Federation is attempting to "cause chaos on both sides".

Here's A Description Of The 'Wonder Woman 1984' Comic-Con Footage
Although they are barely a month into production, the cast chose to drop by this year's San Diego Comic-Con. Wonder Woman 1984 joined Aquaman and Shazam! as the superhero heavy-hitters at this year's convention.

Thomas plays down abuse claims after liquid thrown at Froome
The riders on the Tour, and champions of the Tour, must obviously be respected, as they are by the large majority of the public. The Welshman has not once looked like a team worker, never playing the role that he had spent years performing for Froome.

South Korean company Shinil to apply for Donskoi warship salvage rights
A South Korean Financial Ministry official responsible for the issue said that Russian Federation may be able to claim ownership. The Financial Supervisory Service says it is closely monitoring trade activity involving the shares of Jeil Steel.

Iran's top leader rejects talks with United States to solve problems
Iran may block oil tankers from using the Strait of Hormuz in response to possible U.S. sanctions over the country's nuclear programme.

Federal Bureau of Investigation releases documents on former Trump adviser surveillance
President Donald Trump's claim is that the Russian investigation was launched by "sore losers" in the political establishment.

EPL: Mourinho confirms Manchester United defenders for the season
I am ready to play. "The talent is there, the personality is there, the passion to play, the humility to learn, so this is a fantastic experience for him.

'Balika Vadhu' fame Siddharth Shukla's auto meets with an accident, three injured
Only after the results arrive will we be able to ascertain whether Shukla was under the influence of alcohol. The actor's auto reportedly lost control and hit more than three cars, before hitting the divider.

Pursuit ends in hostage situation at LA grocery store
Traffic in the Los Feliz, Silver Lake and Atwater area quickly jammed up and the LAPD urged the public to stay away from the area. He ended up in Silver Lake , where he crashed outside the Trader Joe's located at 2738 Hyperion Ave. before entering the store.