President Trump said that he is prepared to place tariffs on every Chinese good imported to the U.S. to make trade between the U.S. and China more fair.
“I’m ready to go to 500,” Trump told CNBC, referring to the possibility of tariffs on $500 billion worth of Chinese imports. “I’m not doing this for politics, I’m doing this to do the right thing for our country.”
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The U.S. took in $505.5 billion worth of Chinese imports in 2017, but the U.S. only exported $129.9 billion to China, CNBC reported. So far, Trump has imposed tariffs on $34 billion of Chinese goods, which has been met with retaliatory tariffs from China, and Trump has ordered a look at hitting China with more in response.
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“We are being taken advantage of, and I don’t like it,” Trump said, indicating that China imposing equal tariffs back on the U.S. will always keep the U.S. behind the eight ball.
“I want them to do well,” Trump said regarding China’s economy. “I really like President Xi [Jinping] a lot, but it was very unfair.”
Trump’s warning prompted a dip in U.S. equity futures on Friday, which have been held in check over the last few months by the threat of a lasting trade war with China.
Trump said in a series of tweets after his interview aired that U.S. exporters are getting hurt by China’s currency manipulation and “bad trade deals.”
“China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge. As usual, not a level playing field,” Trump tweeted.
“The United States should not be penalized because we are doing so well,” he added. “Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates – Really?”
China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge. As usual, not a level playing field…
— Donald J. Trump (@realDonaldTrump) July 20, 2018
….The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates – Really?
— Donald J. Trump (@realDonaldTrump) July 20, 2018
