Trump Threatens to Slap Tariffs on Everything Imported From China

23 July, 2018, 01:18 | Author: Elaine Woods
  • President Donald Trump speaks before signing an Executive Order that establishes a National Council for the American Worker during a ceremony in the East Room of the White House in Washington. Trump said he’s willing

And while Trump's commentary on interest rates and the Fed Friday morning was framed around his displeasure with key USA trading partners and their currency policy, he is being very frank about his preferences for how the Federal Reserve conduct its monetary policy.

In a taped interview with the business channel CNBC, Trump said "I'm willing to go to 500", referring roughly to the $505.5 in goods imported previous year from China.

But despite Trump's comments, the Federal Reserve has long maintained that politics don't influence its decision making process.

They 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.

In addition, he criticized the Fed for "taking away our big competitive edge" by raising interest rates as the American dollar is getting stronger - hindering the volume of goods the US could export.

President Donald Trump is criticizing the Federal Reserve as well as some of the largest US trading partners over monetary policy. Both political and economic officials believe that the central bank needs to operate free of political pressure from the White House or elsewhere to properly manage interest rate policy.

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

Mulvaney said Trump "absolutely respects the independence of the Fed, but that doesn't prevent him or previous presidents from voicing their opinions". When it came to interest rates, Nixon told his advisers "we'll take inflation if necessary, but we can't take unemployment". Trump said he's willing to hit all imported goods from China with tariffs, sending US markets sliding before the opening bell, Friday.

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An interview with the US President was broadcast this morning where he said the US was ready to go with more tariffs on about half a billion dollars worth of Chinese exports. The administration has also released a list of 10 per cent tariffs on an additional $200 bn of Chinese goods, which could take effect as early as next month.

Trump has ordered Commerce to investigate whether auto imports pose a threat to USA national security that would justify tariffs or other trade restrictions.

Higher rates, however, strengthen the dollar against the world's currencies, which makes the United States a more expensive - and potentially less attractive - place to invest. "Because we go up, and every time you go up, they want to raise rates again. But at the same time I'm letting them do what they feel is best", Trump said.

Along with pressing Chinese leaders to shrink the deficit, Trump's administration has accused China of engaging in unfair trade practices by forcing American investors to turn over technologies to Chinese firms.

Wall Street Journal Global Economics Editor Jon Hilsenrath discusses how tariff threats and trade fears could impact economic growth.

"I'm not thrilled", he said in an interview, according to CNBC.

"A good sign of proof there is who he has been naming to the open board spots at the Fed", he said.

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

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