Trump threatens putting tariffs on all imports from China

US President Donald Trump says he is ready to intensify his trade war with China by slapping tariffs on all $500bn of imports from the country.

In an interview with CNBC, soybean farmer Bill Beam says that the price of soy futures has plummeted by 15 percent ever since China announced retaliatory tariffs against US soy farmers earlier this year - and it's really cutting into his ability to make a living. "Now I'm just saying the same thing that I would have said as a private citizen", he said. "We have been ripped off by China for a long time".

Mr Trump's comments come before the most recent round of USA tariffs has had time to take effect.

After the interview, Trump reiterated criticism of planned interest-rate hikes by the Federal Reserve, saying in a Twitter post that tightening policy would diminish any US advantage in trade and exacerbate losses from "BAD trade deals".

Trump has twice this week weighed in on the Fed's decisions to raise rates, and he expressed displeasure with Fed leadership during his 2016 presidential campaign.

The dollar index turned negative following the release of Trump's remarks, which were excerpted from a longer interview due to air Friday morning.

China does not have the wherewithal to match the USA on tariffs, but it has other tools.

Trump says: "China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge".

Trump authorized the tariffs after an investigation he ordered by the U.S. Trade Representative's office found that China was violating intellectual property rules and forcing American companies operating in China to hand over their technology secrets to gain access to the market.

Trump has also targeted steel and aluminum exports from the EU and has threatened to tax European cars sold on the American market.

In Washington, automakers and suppliers at a public hearing on Thursday pleaded with Trump's administration to reject tariffs on vehicle imports, which they say could cripple domestic manufacturing and cause job losses.

Responding to the president's latest comments, the White House economic adviser Larry Kudlow told the news website Axios that provoking Trump would be a mistake for China.

Trump followed up the CNBC comments with a tweet on Friday, in which the president said the Fed's interest-rate tightening "hurts all that we have done". 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. Subtracting inflation, the rate is slightly negative in real terms and still "accommodative" for growth and borrowing, as the Fed said in its June statement.

"And it is worth pondering whether this is a President who is going to break with 25-30 years of tradition in not interfering in Fed policy deliberations going forward". In Friday, however, Trump again attacked the Fed, which is led by Jerome Powell, Trump's hand-picked choice.

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