In the rest of the CNBC interview with US President Donald Trump broadcasted on Friday, Trump threatened to impose tariffs on all Chinese imports, adding to concerns of a massive trade war between the two giant economies.
Trump told CNBC that “I’m ready to go to 500”, if China doesn’t bow to America’s complaints about its trade policies.
If that happened, that would be a drastic shift in the latest confrontations between the U.S. and China.
The whole story began after the U.S. has imposed 10 percent tariffs on $34 billion of Chinese imports, which could soon rise to $50 billion, while China responded with similar tariffs on the same amount of U.S. imports.
The next escalation from the U.S. could become effective in September, as the U.S. announced new tariffs worth $200 billion.
Yet, it seems that would not be the last as Trump now intends to put tariffs on all Chinese imports worth $500 billion.
I’m not doing this for politics, I’m doing this to do the right thing for our country..... We have been ripped off by China for a long time.” Trump said.
As of 12:02 GMT, the U.S. dollar traded lower at 94.76 after it
retreated from a one-year high on Thursday following Trump’s comments on the
Fed’s rate hikes and the dollar’s strength.