Trump threatens tariffs on all US$505 billion of Chinese imports

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"I'm ready to go to 500", Trump said the CNBC interview broadcast Friday.

The president also noted he is doing what's right for the American people and reiterated his long-held belief about the state of USA trade with China.

"Farmers have been on a downward trend for 15 years". "Now any decision that the Fed makes, market participants are going to try to put it in the context of what they know are the president's and the administration's desires". Canada charges 275% on Dairy.

Trump's comments come as the world's two biggest economies are in a deepening impasse over allegations of unfair trade.

According to the US, China uses predatory practices in a push to challenge American technological dominance - and allegedly forces American companies to hand over technology in exchange for access to the Chinese market.

The dollar fell and stocks lost ground on Trump's tweets.

The president also said the European Union is "making money easy" and China is manipulating its currency.

"It's proof, if it were needed, that the president is prepared to go all the way in the trade war to exact concessions from China, which simply can not match the U.S. firepower". Juncker is set to meet with Trump on Wednesday. Earlier this year, he used national security as a justification for taxing imported steel and aluminum. BMW's largest factory was, she pointed out, not in Germany but in Spartanburg, South Carolina.

"I'm not thrilled", he said.

Lindsay Walters, a White House spokeswoman, said Thursday in a statement that the president "respects the independence of the Fed".

Many companies in the United States are opposed to the administration's use of tariffs against China, saying they risk hurting business and the economy without being likely to change behaviour.

President Donald Trump broke a multi-decade tradition by weighing in on the Federal Reserve's monetary policy. Interest rates are seen as the domain of the central bank, while the currency is regarded as the responsibility of United States treasury officials.

But falling prices and lower sales would hurt US soybean farmers, it warns, pointing out that USA prices have fallen by 18 percent from May to early July, to their lowest this year.

"If the administration continues forward with its misguided and reckless reliance on tariffs, I will work to advance trade legislation to curtail presidential trade authority", Hatch said.

President Trump took a pot shot Thursday at the Federal Reserve for eyeing another interest rate hike that could slow America's strong economic growth.

Presidents have historically avoided criticizing the Fed, which is created to be independent from political interference.

On a softer note, Trump added, "I am not happy about it".

Trump said shortly after his first meeting with Chinese President Xi Jinping in 2017 that the country had stopped manipulating its currency because of his election.