Trump administration to realign the balance of global economy

President Donald Trump, the Republican leader has said in an interview that he is willing to hit all Chinese goods imported to the US with tariffs if necessary. Trump administration will start imposing tariffs on Chinese imports worth $34 billion from Friday. On China's part, it will promptly strike back with tariffs on an equal amount of US exports.

Trump has said in his speech that he is not doing this for politics but as a right thing for his country. He also added that they had been ripped off by China for a long time.

US has imposed 25 per cent tariffs on approximately USD 34 billion of Chinese mechanical and technological products. Starting Friday, the US will tax 818 Chinese products, worth $34 billion a year. It won't target the 284 additions, worth $16 billion until it gathers further public comments.

The move has sparked an immediate response from Beijing, which said would hit back dollar for dollar.

China has accused the US of starting the "largest trade war in economic history." If the US starts taxing Chinese imports, Beijing plans to impose 25 percent tariffs on 545 US products worth $34 billion a year - from soybeans and lobsters to sport-utility vehicles and whiskey. China is considering a follow-up tariff on an additional 114 US goods, worth $16 billion a year.

The US President also comments that he really likes President Xi a lot. But it was very unfair from them. He also claims that he doesn't want them to be scared but just wants them to do well.

The growing share of international trade is under threat. It has raised the prospect of trade war that could harm the global economy by disrupting company's' supply chain, pushing firms to hold off on investments and making goods more expensive for consumers.