Investing.com – U.S. President Donald Trump indicated that he is ready to impose tariffs on $500 billion worth of Chinese goods to the U.S. if China does not back down on its trade policies.
“I’m ready to go to 500,” the president said in the full interview with CNBC that was released on Friday after previous parts regarding the Federal Reserve and the had been pre-aired a day earlier.
“I’m not doing this for politics, I’m doing this to do the right thing for our country. We have been ripped off by China for a long time,” Trump explained.
The U.S. has already imposed tariffs on $34 billion of Chinese goods, with another $200 billion being looked at. China has already retaliated with $34 billion of its own tariffs.
The strategy behind Trump’s move appeared to be to outstrip any possible retaliation as U.S. Census Bureau data showed that the U.S. only exported $129.9 billion to China in 2017.
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