Trump 'ready' to intensify trade war with China
Washington, July 20 : US President Donald Trump has said he is ready to intensify his trade war with China by slapping tariffs on all imports worth $500 billion.
"I'm ready to go to 500," he told CNBC's Joe Kernen in a "Squawk Box" interview broadcasted on Friday.
The reference was to the dollar amount of Chinese exports to the US in 2017 -- $505.5 billion to be exact, compared to the $129.9 billion worth of Chinese imports from the US, according to the Census Bureau data.
Last week, Washington listed $200 billion worth of additional Chinese products it intends to place under the tariff regime on as soon as September.
The list named more than 6,000 items including food products, minerals and consumer goods such as handbags, to be subjected to a 10 per cent tariff. It is still under public consultation that will go on till the end of August.
The US and China already imposed tit-for-tat tariffs of $34 billion on each other's goods.
"I'm not doing this for politics, I'm doing this to do the right thing for our country," Trump said. "We have been ripped off by China for a long time."
The President said the US was "being taken advantage of" on a number of fronts, including trade and monetary policy. Yet he said he has not pushed the tariffs out of any ill will towards China.
"I don't want them to be scared. I want them to do well," he said. "I really like President Xi Jinping a lot, but it was very unfair."
Trump also said he was told by unspecified Chinese officials that "nobody would ever complain" from past administrations "until you came along - me. They said, 'Now you're more than complaining. We don't like what you're doing.'"
The US also wants China to stop practices that allegedly encourage transfer of intellectual property -- design and product ideas -- to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.
Trump previously hinted at such an escalation, telling reporters two weeks ago that there was "$300 billion in abeyance" after the $200 billion of goods covered by the latest list, but this is his most explicit threat yet.
Many companies in the US 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.
European stock markets fell after the interview was broadcast, with the FTSE 100 down 0.2 per cent.
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Lebanon: Israeli airstrikes kill 29 in Beirut as Israel intensifies attacks
Beirut: A new wave of Israeli airstrikes targeted Beirut and its southern suburbs, escalating the ongoing conflict with Hezbollah. The attacks follow a deadly assault the previous day that left 29 dead and 66 injured in the Lebanese capital.
On Sunday, the Israeli military announced that it had carried out "intelligence-based strikes" against Hezbollah command centers in Beirut's southern neighborhoods, including Haret Hreik, Burj Barajneh, and Hadath, as reported by Xinhua news agency. Within just 30 minutes, local TV station al-Jadeed documented 12 airstrikes in the area.
Videos shared online captured plumes of dense black smoke rising from the targeted suburbs, indicating the intensity of the bombardment. Prior to the strikes, Israeli military spokesperson Avichay Adraee used social media to warn residents to evacuate several buildings in the southern part of the city.
The fresh wave of airstrikes follows a Saturday attack on an eight-storey residential building in Beirut’s Basta Fawka neighborhood. While Israeli reports suggested the target was a senior Hezbollah official, Lebanese lawmaker and Hezbollah member Amin Sherri denied any political or military figures were present in the building during the assault.
In retaliation, Hezbollah declared it had destroyed five Israeli Merkava tanks in southern Lebanon using guided missiles on Sunday. The group also claimed to have launched attacks on several locations in northern Israel, including Kerem ben Zimra and Kfar Blum.
The hostilities have intensified since September 23, with Israeli forces increasing airstrikes on Lebanon and launching a ground offensive across the northern border in early October.
Lebanon’s Health Ministry released figures on Sunday indicating that Israeli airstrikes have resulted in 3,754 deaths and 15,626 injuries since the conflict reignited on October 8, 2023.
