Trump threatens to hit all $505bn of Chinese imports with tariffs

President indicates readiness to slap tariffs on the entirety of Chinese goods, saying it is 'the right thing to do for our country'

Donald Trump escalated economic global tensions on Friday, lashing out a range of targets that included the European Union, the Federal Reserve and China, indicating that he is prepared to raise tariffs on Chinese imports from $34bn to cover the entire $505bn of Chinese imports.

"I'm willing to go to 500," he said during a taped interview with the business channel CNBC, an escalation he was prepared to make because it "was the right thing to do for our country" and because the rise in stocks - the S&P 500 is up 31% since his election - allowed him to pursue a more aggressive trade policy.

Related: The Iowa farmers on the frontline of Trump's trade war with China

Related: 'It's pretty lonely out here': why John Kasich is willing to criticize Trump