Trump's 'nuclear' trade option could shut down all Chinese business and investment in the US

He has one very big option — trade's nuclear option — at his fingertips.The International Emergency Economic Power Act is effectively a declaration of a"state of national emergency" — a drastic action far in excess of the tit-for-tat tariff skirmishes currently being fought.

It was last invoked by President George W Bush after the 9/11 attacks to block the assets of terrorist organisations. "IEEPA gives extraordinary powers to the President," Citi wrote in a note to its clients as tensions ratcheted up after the latest barrage of Trump tweets. The Tariff Act of 1930 allows the President to jack all the current tariffs up to 50 per cent if the US finds China has discriminated against US businesses.

The US-China trade war has been dominating headlines, but Beijing is not the only trading partner in President Donald Trump's crosshairs.

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