Trump Ready to Slam Tariffs on All China Imports

Posted July 23, 2018

"I don't like all of this work that we're putting into the economy and then I see rates going up", Trump said in an interview with CNBC.

President Donald Trump upended almost three decades of presidential precedent by commenting on the Federal Reserve's interest rate policy on Thursday, but at least one economist thinks the president's remarks could come back to bite him.

The comments also signaled an undiminished appetite for battle on multiple fronts after a week dominated by coverage of the fallout from his dealings with Russian President Vladimir Putin.

U.S. President Donald Trump on Friday dug in on his criticism of the Federal Reserve's policy on raising interest rates, saying it takes away from the United States' "big competitive edge", and lamented the strength of the U.S. dollar.

Trump this week criticized the Fed and Chairman Jerome Powell for the increases adopted in March and June, saying that tightening monetary policy is threatening to thwart the economic recovery.

But his comments raised alarms, including with some former Fed officials who saw in his remarks a possible effort to apply public pressure on the central bank.

The chance inflation might accelerate has increased after the massive tax cut Trump championed, which has raised the United States debt and budget deficit.

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"The United States should not be penalized because we are doing so well", Trump said in a tweet Friday morning.

He again said he was willing to ramp up his attacks on China, potentially imposing punitive tariffs on all of the $505.6 billion in goods imported from that nation.

"I'm ready to go 500", the Republican leader told the U.S. network CNBC, referring to the US$505.5 billion (RM2.055 trillion) in Chinese imports accepted into the United States in 2017. "Crazy times we live in, I love it".

So far, the two largest economies of the world have imposed 25% import mutual tariffs for $ 34 bn each (another $ 16 bn will come into force later).

The US, which is now doing well, should preserve its right to recover what was lost through such practices as illegal currency manipulation and trade deals that were not profitable for the US, the president tweeted.

"So somebody would say, 'Oh, maybe you shouldn't say that as president.' I couldn't care less what they say, because my views haven't changed", Trump said.

"I don't want them to be scared", he told CNBC.

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He added, "No one in the administration has said anything to me that really gives me concern on this front". "But it was very unfair".

However, most economists warn that the imposition of import tariffs could disrupt global manufacturing supply chains, raise input costs and raise prices for consumers, leading to slower economic growth.

"I'm not thrilled", he said.

In an interview with CNBC broadcast this morning, Trump said, "We're down a tremendous amount", referring to the trade imbalance between the USA and China.

The US, he reiterated is being taken advantage of by countries like China.

The Fed has been slowly raising interest rates since December 2015 in an effort to avoid overheating the USA economy.

Dow futures which had already been pointing modestly lower slid sharply after the comments were aired by CNBC early Friday, indicating triple-digit losses when the market opens.

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