Trump ups tariff threat, slams Fed, big United States trading partners

21 July, 2018, 11:13 | Author: Salvatore Jensen

Trump told CNBC, "I'm ready to go to 500", referring to the $505.5 billion in goods the USA imports from China each year.

Business Insider points to a report from Chinese publication Global Times claiming that Chinese textile manufacturers that produce Trump gear are having greater trouble getting their goods into the United States thanks to the current trade war between the USA and China.

Feroli also noted that the easiest way for Trump to bend the Fed to his political will would be to fill the Federal Reserve Board of Governors with members that agreed with a low interest rate policy or were personally connected to the president.

President Donald Trump again accused China of devaluing its currency and reiterated his criticism that the Federal Reserve is raising rates. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals.

About $US505 billion ($680.3 billion) of Chinese goods were imported to the US in 2017, leading to a trade deficit of almost $US376 billion ($506.5 billion), US government data showed.

Trump has also pledged to narrow the US' trade deficit with China.

The Fed hiked interest rates twice this year, and plans to raise them two more times by the end of 2018. And because we live in a reality where logical human behavior reigns supreme, the president has remained demure on all Fed-related topics this morning... Then, his complaint was that interest rates were too low.

"I don't want them to be scared".

"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", he said in a radio interview last week with "Marketplace".

He wants the growth to continue and anxious that interest rate hikes will rein in investments.

"Look, I'm not doing this for politics", Trump said in the interview.

When asked about the stock market possibly falling if the U.S. imposed duties on such a large amount of goods, Mr Trump told CNBC: "If it does, it does".

"Likely result of presidential intervention is higher rates as Fed needs to assert its independence", Summers tweeted.

Trump has threatened to slap a 25% tariff on imported cars and components, with a commerce department review underway to establish whether this is justified on national security grounds.

US President Donald Trump has heaped more pressure on the European Union, after tweeting that they are "manipulating their currencies".

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

"They literally have the President of the United States trying to jawbone currencies and put pressure on the Fed to keep the currency weak. Why?"

"We are being taken advantage of and I don't like it", the president said in a taped interview that aired today.

"They're picking the wrong customer, I'll tell you that - you know how intense he is on this issue", he said, adding: "Xi seems to think if he waits out the November elections, Trump will be weakened and therefore will lighten the bite".


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