President Donald Trump made it clear that, if necessary, he is ready to slap tariffs on all imports from China. Such rhetoric suggests a further escalation of the trade war between Washington and Beijing.
In an interview in an interview with CNBC on Friday, Trump once again complained about a large deficit in trade with China and said that he considered it “very unfair.” Last year, the US imports from China reached $ 505.5 bn, while exports were at only $ 129.9 bn.
“I am ready to go to $ 500 bn,” Trump said.
The president said he was not going to do “for politics” but to “do the right thing for our country.”
“We have been ripped off by China for a long time,” the US president said.
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). After Beijing announced retaliatory measures, the White House last week said it would consider introducing a 10% duty on imports of Chinese goods worth another $ 200 bn by than September, In this case, the American business had time to comment on imports included in the list. Trump warned in July that he was ready to impose import tariffs on another $ 300 bn.
If the US introduces new tariffs, the Chinese won’t be able to come close to the U.S. in a tit-for-tat battle. Beijing said it is considering other measures, WSJ wrote referring to officials familiar with the plan. This could be longer inspections of goods from the US at the border and longer consideration of M&A transactions involving US companies.