In trade war, China deploys cartoon legume to reach United States farmers


In an interview with CNBC broadcast Friday, President Trump said he's ready to escalate the trade war with China by slapping tariffs on every single thing the country exports to the U.S.

In a statement to news channel CNBC, the US President said, "I'm ready to go 500", alluding to the Dollars 505.5 billion in Chinese imports into the US in 2017. "We have been ripped off by China for a long time".

"The escalating trade war, if it goes badly, could be a risk for the US economy", Bullard said, adding he understands the policy's objective.

With President Donald Trump intensifying his rift with USA trading partners, economists are growing more doubtful that any deal that might benefit American workers and companies is in sight.

"I don't want them to be scared", he told CNBC.

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Trump also said Fed Chairman Jerome Powell, whom he nominated, is "a very good man".

Ex-Dallas Fed President Richard Fisher told CNBC that Trump was off course in his criticism of the Fed, which is headed by Trump appointee Jerome Powell.

President Donald Trump upended almost three decades of presidential precedent by commenting on the Federal Reserve's interest rate policy on Thursday, but at least one economist thinks the president's remarks could come back to bite him.

Economists say state intervention in the affairs of central banks can have disastrous consequences, leading to hyper-inflation and devalued currencies. After keeping rates at near zero for years, the Fed has hiked its benchmark interest rate seven times since 2015, and more are planned because the USA economy is heating up. Both political and economic officials believe that the central bank needs to operate free of political pressure from the White House or elsewhere to properly manage interest rate policy. "I really like President Xi a lot, but it was very unfair".

On Thursday, the European Union said it was developing plans to hit back at the U.S. if it attempted to place import tariffs on cars, something Trump has repeatedly threatened to do.

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The tariffs the Trump administration has already imposed on $34 billion in Chinese imports are the outgrowth of a dispute over the predatory practices it says China has deployed to try to supplant America's global supremacy in high technology.

Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018. In his interview, President Trump railed against the "deficits" that we have with our trading partners.

Doing so slows growth, as it raises the cost of borrowing, but can also prevent the economy from overheating and tipping into recession.

Mr Trump was taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries.

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

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Senate Democratic leader Chuck Schumer said Trump was trying to "squirm away" from his comments alongside Putin. ". To rectify the situation, Trump held a news conference the very next day where he said he simply misspoke.