'Ready to Go' With Tariffs on $500B of Chinese Imports

Iowa was the No. 2 soybean-exporting state to China in 2016 after Illinois. Above a farmer at work in Mitchellville Iowa last year

Trump said in an interview with CNBC that the U.S.is "down a tremendous amount" in terms of trade with China saying that China "can't match us because otherwise we're always going to be behind the 8-ball".

When asked during Friday's interview, "Will you ever get to 500, though?"

The U.S. has identified a further $200 billion in Chinese goods the U.S. may target for tariffs, for a total of $250 billion.

Even as Trump threatened to hit all of China's exports to the United States with tariffs, he insisted to CNBC that it was nothing personal. In retaliation, China levied taxes on the same value of United States products.

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The United States disputed the retaliatory tariffs at the World Trade Organization on Monday, along with those imposed by the European Union, Canada, Mexico and Turkey in response to new US duties on steel and aluminum. "I'm doing this to do this right thing for our country".

Trump wants Chinese leaders to take action that would lower the $375-billion goods trade deficit that the United States is running with China.

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.

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