President Trump is not backing down from the ongoing trade war with China and he may be looking to turn up the heat on continued negotiations. When Trump first won the United States presidency, he said that China had been ripping off the country long enough and he was going to put an end to it – it looks like Trump is sticking to his guns.
During an interview with CNBC’s Joe Kernen, Trump said he was “ready” to put a tariff on every single Chinese good imported to the U.S. should the need arise. This would amount to over $505 billion, Axios reports.
JUST IN: President Trump tells CNBC’s Joe Kernen that he’s “ready” to slap tariffs on every Chinese good imported to U.S.— worth $505.5 billion https://t.co/rJsicjzwvf
— Axios (@axios) July 20, 2018
Here’s more, from CNBC:
President Donald Trump has indicated that he is willing to slap tariffs on every Chinese good imported to the U.S. should the need arise.
“I’m ready to go to 500,” the president told CNBC’s Joe Kernen in a “Squawk Box” interview.
The reference is to the dollar amount of Chinese imports the U.S. accepted in 2017 — $505.5 billion to be exact, compared to the $129.9 billion the U.S. exported to China, according to Census Bureau data.
Trump pressed Chinese trade earlier this month by announcing tariffs on $34 billion of machinery, components, and electronics, the Wall Street Journal reports.
President Trump says ‘we have been ripped off by China for a long time,’ adding he is ready to impose tariffs on $500 billion in Chinese imports https://t.co/nlpxiwSfCx
— The Wall Street Journal (@WSJ) July 20, 2018
If the U.S. president were to increase the tariffs he has on Chinese goods, CNBC reports China would be unable to compete:
By sheer dollar volume, the Chinese won’t be able to come close to the U.S. in a tit-for-tat battle. Trump’s comments point to a willingness to push the envelope as far as the U.S. needs to get Chinese tariff concessions, along with a pledge to stop stealing American technology.
— The Hill (@thehill) July 20, 2018
Trump said he simply wants to reconcile the trade relationship between the U.S. and China.
“I’m not doing this for politics, I’m doing this to do the right thing for our country,” Trump said during the interview with CNBC. “We have been ripped off by China for a long time.”
Despite the economic pressure, the president said he likes Chinese President Xi Jinping and wants his country to do well.
“I don’t want them to be scared. I want them to do well,” Trump said, per CNBC. “I really like President Xi a lot, but it was very unfair.”
Here’s more, from Reuters:
The United States disputed the retaliatory tariffs at the World Trade Organization on Monday, along with those imposed by the European Union, Canada, Mexico and Turkey in response to new U.S. duties on steel and aluminum.
When asked about the stock market possibly falling if the United States imposes duties on such a large amount of goods, Trump said: “If it does, it does. Look, I’m not doing this for politics.”
Trump wants Chinese leaders to take action that would lower the $375 billion goods trade deficit that the United States is running with China.
The administration has also accused China of engaging in unfair trade practices by forcing American investors to turn over key technologies to Chinese firms.