President Trump said he’s prepared to impose tariffs on all $505 billion in goods that China imports into the U.S. if the trade war he ignited escalates.
“I’m ready to go 500,” Trump told CNBC’s Joe Kernan in an interview that aired today (July 20) on the network’s Squawk Box program.
USA Today reported that Trump has slapped tariffs on $34 billion in Chinese goods and threatened another $416 billion in duties.
Citing the $375 billion trade deficit the U.S. runs with China, as well as large gaps with other countries, Trump said, “They are taking advantage of us … We have been ripped off by China for a long time.”
The president said Chinese officials told him “nobody (in past U.S. administrations) would ever complain until you came along – me. They said, ‘Now you’re more than complaining. We don’t like what you’re doing.’”
Trump also complained about the tit-for-tat counter-tariffs China has imposed on U.S. shipments to that country. “I raised 50 (billion dollars in tariffs) and (China) matched it. You don’t match it because otherwise we’ll always be behind.” He cited the $375 billion U.S. trade deficit with China.
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