President Donald Trump said he was ready to impose tariffs on all $500 billion (£381.8 billion) of imported goods from China, remarks that sent the USA stock market and dollar retreating and threatened to escalate a trade clash with the Asian giant. "As usual, not a level playing field", Mr Trump said. Rather, he may be prepared to wait as long as he feels it necessary to force other countries to adopt trade rules more favorable to the United States.
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. The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals.
The dollar has strengthened since late 2015 as the Federal Reserve began raising interest rates against a background of steady economic growth, slowly rising inflation and the lowest U.S. unemployment rate since the 1960s.
China accused the US of starting the "largest trade war in economic history".
This comes after the White House proposed placing additional tariffs on Chinese goods, because the country imposed $34 billion worth of retaliatory tariffs on the U.S.
The harsh comments took fresh aim at pillars of the global economic system and underscored Trump's break with long-established norms by again openly rebuking the Federal Reserve for raising interest rates. But while the Federal Reserve's current benchmark rate is less than half of China's, the Fed is in the middle of steadily ratcheting its lending rate higher.
Lindsay Walters, a White House spokeswoman, said Thursday in a statement that the president "respects the independence of the Fed".
Trump said he was not thrilled the Fed was raising rates.
It's not that unusual for politicians to blame the Fed when things go wrong with the economy.
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'Because we go up and every time you go up they want to raise rates again. "I really like President Xi a lot, but it was very unfair".
The Fed has raised rates twice this year and is expected to raise rates a couple more times by year end which may attract more foreign into the United States dollar with monetary policy remaining loose in Europe and Japan, analysts said.
"I've been surprised that up until now, markets seem overly sanguine about the risks" of a trade war between the world's two biggest economies, said David Dollar, senior fellow at the Brookings Institution's China studies center and a former official at the World Bank and U.S. Treasury Department.
Trump criticized the USA central bank in comments aired Thursday, saying its course of interest rate increases counteracted his efforts at growing the economy.
The Fed has raised interest rates five times since Mr Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president's pick to replace Janet Yellen. But in the CNBC interview, the president said he was seeking to do only what's fair.
'I'm not happy about it. "I want them to do well".
Asked if he would do it even at a cost of a stock market drop, he said: "If it does it does".
In his CNBC interview Friday, Trump shrugged off the prospect that a trade war with China could cause the stock market to tumble.
Trump has taken credit for robust U.S. economic performance since his election and championed December's sweeping tax cuts.
The Fed has been slowly raising interest rates since December 2015 in an effort to avoid overheating the US economy.