Donald Trump: China and European Union ‘Manipulating Their Currencies’

Marco Green
July 20, 2018

Global markets are falling late on Friday morning after US President Donald Trump threatened to levy new tariffs on more than $500 billion of goods from China.

Around $505 billion of Chinese goods came into the United States in 2017, leading to a trade deficit of almost $376 billion, US government data shows.

"I'm not doing this for politics, I'm doing this to do the right thing for our country", he added. China accused American officials of making false accusations Thursday as it fired back against a claim President Xi Jinping is blocking talks with the U.S. Earlier, White House Economic Adviser Larry Kudlow said Xi has no intention of making a deal over trade with the Trump administration.

The Trump administration is threatening to impose fresh tariffs of 10% on another $200bn of Chinese goods, which Beijing has called "totally unacceptable". In retaliation, China levied taxes on the same value of USA products.

U.S. President Donald Trump participates in a cabinet meeting at the White House in Washington, U.S., July 18, 2018.

Auto tariffs would escalate global trade tension dramatically: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports.

U.S. is "being taken advantage of" on many fronts, including trade and monetary policy, according to Trump, who stressed that he had not introduced the tariffs out of any ill will towards Beijing. China has so far met USA tariffs with equal retaliatory tariffs, but with only $130 billion in US goods exported to China, it's not possible for President Xi Jinping it to match tariffs on a half-trillion dollars of products. "I really like President Xi a lot, but it was very unfair".

"No matter what the elections are, he's not going to let go of this issue", Kudlow said.

Other reports by Click Lancashire

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