Trump threatens tariffs on all $500 bil of Chinese imports

Fears are growing over a fierce global trade war, after Trump's imposition of hefty import taxes on steel and aluminum from the EU, Canada and Mexico, in addition to levies already on goods from China worth tens of billions of dollars that have sparked retaliatory tariffs.

Oil prices edged up as a weakening dollar and lower expected August oil exports from Saudi Arabia supported the market, offsetting concerns about U.S.

"Now I'm just saying the same thing that I would have said as a private citizen", Trump said.

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 USA advantage in trade and exacerbate losses from "BAD trade deals".

"People are underestimating what we're headed for", said Rod Hunter, a lawyer who served as a White House economic adviser under President George W. Bush.

In a later statement to CNBC, the White House said Trump "respects the independence of the Fed" and "he is not interfering with Fed policy decisions".

"I don't like all of this work that we're putting into the economy and then I see rates going up", Trump said.

But the president also acknowledged he was aware of the traditions that president's typically allow the Fed to operate independently to ensure the smooth functioning of the world's largest economy.

"The dollar is an important issue today especially because we have been on a rise for quite a long time", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. I am not happy about it.

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He added: "I'm ready to go to 500".

Steady US economic growth of around 2% in the first quarter of this year and rising interest rates, at a time when the European Central bank and the Bank of Japan are keeping their rates low, helped the US dollar climb to its highest level in a year in July.

Much in the way that people were displeased when he seemed to kowtow to the tyrant running Russian Federation earlier in the week, people were again irked that Trump was attempting to influence the decision making at America's independent central bank.

But, she said, "I'm not filling myself with expectations or predictions" for Juncker's trip.

The harsh comments took fresh aim at pillars of the worldwide economic system and underscored Trump's break with long-established norms by again openly rebuking the Federal Reserve for raising interest rates.

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

Shortly after taking office, Trump withdrew from the Trans-Pacific Partnership (TPP), which he said would steal millions of jobs from Americans, while the North American Free Trade Agreement (NAFTA), signed by Canada, Mexico, and the United States, is now being renegotiated.

The currency movements also reverberated in foreign stock markets, pressuring bourses in Tokyo, Europe and London.

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