Trump Threatens to Slap Tariffs on Everything Imported From China

US Dollar Sinks as President Trump Hits Fed on Hikes

If Trump does slap tariffs on every Chinese good entering the country, China could very well see it as an attack on its economy that is so grave it threatens its national security, and that it must respond against that attack in any way it can.

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.

The reaction to Trump's remarks in the financial markets was muted.

The question is whether Trump's remarks mark the beginning of a new era of greater USA intervention, one in which the president and members of his cabinet feel free to weigh in on economic issues that were traditionally seen as outside the political domain.

Trump made a campaign pledge of designating China as a currency manipulator, but his administration has declined to make an official determination to that effect. "I really like President Xi a lot, but it was very unfair".

The issue also ties into the Trump administration's current trade battles with China, Europe and others, as a strong currency tends to make a country's exports more expensive, hurting exporters. Those Chinese practices include cyber-theft and an insistence that American and other foreign companies hand over technology in exchange for access to the Chinese market. Steep tariffs already are in place on US$34 billion in Chinese goods, and a second tranche of US$16 billion in products is under review and could soon be added.

Last week, Powell said in an interview with American radio program Marketplace that he didn't expect to face pressure from the White House.

"I'm not thrilled", he said in an interview on CNBC television. "But I don't like all of this work that goes into doing what we're doing", Trump said.

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"We're down a tremendous amount", said Mr Trump, reiterating his view that China's trade surplus with the United States amounts to unfair trading practices.

Hatch took aim at tariffs imposed by Trump not only on China but also on USA allies and partners in Europe, Canada and Mexico. Its central bank is allowing China's tightly controlled currency to drift lower against the dollar, a move that could help Chinese exporters. However, such a manoeuvr could also reignite an outflow of capital Beijing spent months trying to stanch.

The yuan dipped to a 12-month low of 6.8 to the dollar, off by 7.6 percent since mid-February. Chinese Commerce Ministry spokesman Gao Feng last week called those accusations "groundless" and said that the US trade penalties contravene rules at the World Trade Organization. It would hurt both countries, but China's "state-run government can do more to artificially prop up its economy" and a cratering US economy would nearly surely hurt Trump's presidency.

Angela Merkel, the German chancellor who used her annual summer press conference to warn of a proposed 25% U.S. tariffs on European cars and components on national security grounds, said Junker "will be making suggestions there about how we can enter into a discussion process to avoid this".

Auto tariffs would escalate global trade tension dramatically: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports.

"Automobiles - that's the 800-pound gorilla", Brookings' Dollar said.

Breaking with the tradition of respecting the independence of the central bank, President Donald Trump Thursday expressed his displeasure about the Federal Reserve's interest rate increases.

In response to the president's tweet, St. Louis Federal Reserve Bank President James Bullard said on Friday that regardless of who comments, the Fed is committed to its two main objectives: keeping inflation low and stable and obtaining maximum employment.

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