Washington — US President Donald Trump said he’s "ready to go" with $500bn worth of new tariffs on Chinese goods imported to the US, saying the country has been taken advantage of for too long. "I’m not doing this for politics. I’m doing this to do the right thing for our country," Trump said in a CNBC interview aired on Friday. "We are being taken advantage of and I don’t like it." The $500bn would be roughly the value of Chinese goods imported into the US last year. US equity futures turned, as did European stocks, on Trump’s threat. Futures on the S&P 500 Index fell as much as 0.4%. Trump’s comments come as the world’s two biggest economies are in a deepening impasse over allegations of unfair trade. China accused US officials of making false accusations on Thursday as it fired back against a claim that President Xi Jinping is blocking talks with the US over the trade war between both nations. White House economic adviser Larry Kudlow said Xi doesn’t haven’t any intention of agre...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now