Washington may slap import taxes on all $505 billion worth of Chinese goods should it become necessary if the trade conflict with Beijing escalates, US President Donald Trump told CNBC.
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.
"I'm doing this to do the right thing for our country".
Mr Trump's comments come before the most recent round of USA tariffs has had time to take effect. In return, China levied taxes on the same value of US products.
Bloomberg reported that about $500 billion worth of Chinese goods were imported into the USA previous year.
Over the past three years, Beijing has gradually widened the narrow band in which the yuan is allowed to fluctuate, though regulators intervene regularly to guide its movement. Chinese Commerce Ministry spokesman Gao Feng last week called those accusations "groundless" and said that the USA trade penalties contravene rules at the World Trade Organization.
The Trump administration has also angered key allies by imposing tariffs of steel and aluminum imports earlier this year.
In a Friday tweet, Trump said: "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".
In the same interview, taped Thursday at the White House, Trump broke with a long-standing tradition at the White House and voiced displeasure about recent actions at the U.S. Federal Reserve.