'I'm ready to go to 500' billion: Trump threatens tariffs on all Chinese goods coming to America

• President Donald Trump threatens tariffs on all Chinese goods imported to the US.
• "I'm ready to go to 500," Trump said in an interview with CNBC's Joe Kernen aired on Friday morning.
• That figure references the $505 billion dollars worth of goods imported from China in 2017, according to Census Bureau data.

President Donald Trump on Friday threatened to place tariffs on all goods imported to the US from China in a major escalation of the burgeoning trade war between the two nations.

"I'm ready to go to 500," Trump said in an interview with CNBC's Joe Kernen aired on Friday morning.

That figure references the $505 billion dollars worth of goods imported from China in 2017, according to Census Bureau data.

"I'm not doing this for politics, I'm doing this to do the right thing for our country," he added.

"We have been ripped off by China for a long time."

This story is developing. Check here for updates.

NOW WATCH: North Korean defector: Kim Jong Un 'is a terrorist'