President Donald Trump on Friday used a tweet to order U.S. companies to find an alternative to doing business with China, as he lashed out at Beijing's latest round of retaliatory tariffs and pledged to respond to them later in the day.
China on Friday announced a fresh round of tariffs on $75 billion in U.S. goods, threatening to exacerbate anxieties about a languishing global economy. The tariffs will range from 5 to 10 percent, Beijing said, and will go into effect in waves beginning Sept. 1 and Dec. 15. The announcement from China was shortly followed by a speech from Federal Reserve Chairman Jerome Powell in which he said the central bank stands ready to do what is necessary to support the record-long U.S. economic expansion. But he did not signal that significant interest rate cuts will be coming soon, angering Trump.
Earlier on Friday, White House trade adviser Peter Navarro, who provides a strong protectionist voice on U.S. trade talks within the Trump administration, denied that China's announcement caught the White House off guard and downplayed the impact of the move. Navarro was pressed on some business leaders’ admissions that the uncertainty because of the trade war was dampening investment, but he again blamed monetary policy emanating from the Fed.
The central bank and Powell have become favorite punching bags of Trump as ominous economic signs have emerged ahead of next year’s election.
Neither is my family and friends. It was time to do something about China
Meanwhile the House sits on the USMCA trade deal.
Are you guys just stupid or fiercely biased... trump was merely suggesting a great idea and strategy to not be indebted to communists... unlike you liberals!
Here's an actual footage of U.S. companies CEOs' reaction to Trump's 'order'...