I’m ready to put tariffs on every import from China: Trump

International Desk: US President Donald Trump has signalled he is willing to slap tariffs on all Chinese products imported to the United States, a threat that could propel the world’s two biggest economies into an all-out trade war.

“I’m ready to go to 500,” Trump told CNBC’s Joe Kernen, suggesting that every Chinese product would be subject to duties. “We have been ripped off by China for a long time.”

The “tremendous amount” threatened by Trump is roughly equivalent to the US$505.5 billion in Chinese products imported by the US last year. China, on the other hand, buys far less from the US, with last year’s total just US$130 billion.

Washington imposed tariffs on US$34 billion of Chinese products on July 6, prompting similar action from China. Then last week the US threatened to slap 10 per cent duties on another US$200 billion worth of the goods.

Trump’s threat caps a week of acrimony.

On Wednesday, Trump’s top economic adviser Larry Kudlow blamed Chinese President Xi Jinping for blocking trade talks with the US. China’s foreign ministry fired back a day later, accusing American officials of “making false accusations”.

In the CNBC interview, Trump also took aim at China’s currency.

“Their currency is dropping like a rock, and our currency is going up, and I have to tell you it puts us at a disadvantage,” he said.

Source: Agencies
 

risingbd/Dhaka/July 20, 2018/A K Azad