Donald Trump, the President of the United States of America, has said that he is “ready” to impose tariffs on all the exports of China that are coming as imports into the United States as the US President proceeds with his standoff against Beijing.
The United States already has tariffs on $34 billion worth of goods that come in from the country, which has undergone tit-for-tat measures.
However, Trump said in an interview with CNBC that he was “ready to go to 500.” Apparently, he was referring to the total estimated value of imports from China that is entering the United States, which was at around $505 billion in 2017.
Trump told the broadcaster of CNBC: “I’m not doing this for politics, I’m doing this to do the right thing for our country”, adding: “We have been ripped off by China for a long time.”
President Trump also posted some tweet on Twitter to predict that the soybean farmers of the United States will emerge to be victorious from the trade dispute between the United States and China.
In a tweet, he said: “Farmers have been on a downward trend for 15 years. The price of soybeans has fallen 50% since 5 years before the Election. A big reason is bad (terrible) Trade Deals with other countries. They put on massive Tariffs and Barriers. Canada charges 275% on Dairy. Farmers will WIN!”
The European stock markets tumbled following the airing of the interview, turning around from the modest intraday gains that it was able to make earlier in the day.
The FTSE 100 is currently down by 0.3 percent at 7,664 after it has peaked at 7,705 earlier during the day. Stocks including engineers Rolls Royce and Melrose Industries and airlines International Consolidated Airlines and EasyJet were among those that were hit the hardest.
The Europe-wide Stoxx 600 has dropped by 0.5 percent, taking it down by 0.7 percent from its session high.