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WASHINGTON-President
Donald Trump
Friday reiterated its threat to put a tariff on every dollar of China's exports to the US of about $ 500 billion, sending global markets lower.
"We are in huge numbers," Trump told CNBC on Friday, referring to US trade with China.
Earlier this month, the United States imposed levies on $ 34 billion in Chinese exports of machinery, components and electronic products. Rates are also expected for $ 16 billion of Chinese electronics and other components.
The United States has identified an additional $ 200 billion worth of Chinese goods that the United States could target for tariffs, for a total of $ 250 billion. According to Mr Trump, everything depends on the extent to which China responds.
When asked in Friday's interview: "Can you ever reach 500?" Mr. Trump replies that he is "ready to go to 500", referring to the approximate total value of Chinese goods exported to the United States last year
"I am doing this to do what I do. It's needed for our country.We have been ripped off by China for a long time, "he said.
"I do not want them to be scared, I want them to do well," Mr. Trump said, adding, "I really like President Xi [Jinping]."
The interview lowered European stocks, with the Stoxx Europe 600 down 0.7% before recovering some of its losses. Shares of trade-sensitive stocks were the hardest hit, Daimler automakers,
Volkswagen
and Fiat Chrysler all down more than 1%.
U.S. Futures have reported a 0.2% decline in the S & P 500 and a 0.4% drop in the Dow Jones Industrial Average.
The Chinese yuan fell again against the dollar following Mr. Trump's interview. 19659003] Trade tensions provoked market volatility for much of the year, but market movements increased in early April when Trump threatened tariffs on some Chinese products, prompting threats of retaliation from Beijing. and soybean futures were particularly affected.
The president has threatened tariffs on 500 billion dollars of Chinese imports before. In an interview with Fox News broadcast on July 1, the president said the rates "could go up to $ 500, frankly, if we do not agree, and they want to close a deal." [19659003] On July 6, on Air Force One, the president told reporters that tariffs could eventually reach $ 550 billion worth of imports from China.
Write to Harriet Torry at [email protected]
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