Trump 'ready' to tax all Chinese imports

US Dollar Sinks as President Trump Hits Fed on Hikes

President Donald Trump says he is "ready" to place tariffs on every Chinese good imported to the U.S.as the trade war between the two countries escalates.

But Trump launched his attack first on Thursday during an interview with CNBC and continued on Friday on Twitter.

Trump said the USA had been being taken advantage of by China for a long time.

On a softer note, Trump added, "I am not happy about it. I want them to do well", the U.S. president said of China. This article is strictly for informational purposes only.

Earlier today Trump threatened to unleash significant tariffs on all $500bn of Chinese imports to the US.

In Washington, automakers and suppliers at a public hearing on Thursday pleaded with Trump's administration to reject tariffs on vehicle imports, which they say could cripple domestic manufacturing and cause job losses.

Trump's comments, a breach of the usual determination presidents take to steer clear of the independent Federal Reserve, come as Trump tries to boost exports by demanding trading partners lower tariff barriers.

Political messaging in the video is less than subtle, with the "bean" character telling viewers that China imports one third of its soybeans from the United States, which amounts to 62 percent of the crop exported by American farmers.

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White House economic adviser Larry Kudlow blamed Chinese President Xi Jinping for a lack of progress in bilateral trade talks, saying that lower-ranking officials want a deal.

Trump said he was only expressing his opinion as a private citizen by criticizing the move to raise interest rates. 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.

President Trump took to Twitter on Friday to defend his trade policies, saying that currency manipulation from other countries and previous bad trade deals caused losses that the United States is entitled to recapture.

Mr Trump also suggested that higher interest rates left the United States at a disadvantage when compared to the European Union, China and Japan, allowing their currencies to weaken as the U.S. dollar strengthens. So the Fed's rate hikes have lit a fire under the USA dollar, something which tends to widen the country's trade deficit as foreign countries with weaker currencies become much cheaper to import from. "In light of the European Union and others saying they are ready to respond to tariffs on cars, the stakes are rising fast".

However, many analysts doubt Trump's comments will have much impact on Federal Reserve policy or the markets.

The question is whether Trump's remarks mark the beginning of a new era of greater US intervention, one in which the president and members of his cabinet feel free to weigh in on economic issues that were traditionally seen as outside the political domain.

White House spokeswoman Lindsay Walters later said in an emailed statement that the president "respects the independence of the Fed".

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