President Trump lobbed Twitter attacks at China, U.S. companies and his handpicked Federal Reserve chief today as he further escalated his tariff war with the world’s No. 2 economy
The tweets captured the president's frustration as his escalating trade war with China heightens the risk of a recession in an election year.
Trump said in announcing the tariff hikes that he'd done so because "in the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship" with China, which he said had become a "great burden" to taxpayers.
He continued, "The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon. This is a GREAT opportunity for the United States."
Trump’s initial tweets took the president’s aides by surprise, triggering the latest instance of the White House making policy on the fly after Trump issued a directive via Twitter. Trump huddled midday with his economic team including trade adviser Peter Navarro, U.S. Trade Representative Robert Lighthizer, National Economic Council Director Larry Kudlow and Treasury Secretary Steven Mnuchin, who was on vacation and called into the meeting by phone, according to a senior administration official.
“The president is optimistic and confident that the U.S. has the benefit and the upper hand with China,” insisted one former senior administration official. “I do not think he will back down.”
China’s state-run news agency Xinhua on Friday quoted the country’s tariff commission, which said the penalties were in response to levies threatened by the U.S. on $300 billion worth of Chinese goods.
"As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work 'brilliantly' with both, and the U.S. will do great," Trump tweeted.
Trump’s outrage at China’s retaliation was largely driven by his perception that the Chinese economy is on the brink of ruin and Beijing would be reluctant to make a move that would further put it in jeopardy, the person said.
“They had the worst year in 27 years, but I think it was actually 52 or 54 years. It was the worst year they've had in a half a century. And that's because of me,” Trump told reporters Wednesday.
Trump’s tariff escalation will leave U.S. companies even more uncertain about purchasing, investments and day-to-day business, business groups said.
The tariff escalation to 30 percent will increase import costs for a list that includes hundreds of intermediate goods, such as machinery and chemicals, used by U.S. manufacturers. Goods that will see a 15 percent tariff — an increase from the initial 10 percent rate — include a wide array of consumer goods including clothes, smartphones, computers and other electronics.
“So your choices are either you step backwards and admit failure, or you keep charging ahead further into more danger,” he added. “Unfortunately, he seems to be heading forward into more danger.”
Stephens also lamented that the escalation of tariffs will mean tough conditions will persist for a long time. “The longevity of this situation means worsening circumstances for soy growers who still have unsold product from this past season and new crops in the ground this season — with prospects narrowing even more now for sales with China,” he said.
Meanwhile, U.S. companies in China say they aren’t going anywhere despite Trump’s latest Twitter order and the ongoing challenges of operating in that market.
The latest front in the tariff battle between China and the U.S. comes as fears grow about a recession. Trump has tweeted relentlessly about the issue in recent days, pinning blame on Powell while he heralded what he says is a booming economy that he's accused the news media of trying to tank to hurt his reelection prospects.
“They can't make investments because the Fed raised interest rates too far, too fast,” he argued. “If you raise interest rates, you cut down investment and you cut down exports.”
Ahead of Powell's speech, both Navarro and Trump appeared confident in what the Fed chief would say, sentiments that apparently evaporated immediately after the Fed chairman’s remarks at a Kansas City Fed conference in Jackson Hole, Wyo.
"What's important today — look, this is a big day, tomorrow is a big day. It's a big day today because we're going to get better signals from the federal reserve as to whether they're going to get in line with over 30 central banks around the world that have been cutting rates," he said, adding later that forecasting aggressive rate cuts should show "he's got America's back."
Navarro also defended Trump's decision this month — which Trump reversed Friday —
While China‘s latest latest retaliatory tariffs seem to have especially provoked Trump's fury, they represent “a mild, proportionate response,” to the U.S. decision earlier this month to move forward with more duties, said Agathe Demarais, global forecasting director at The Economist Intelligence unit.
But the move is more of a “token action” that signals that Beijing doesn’t see ongoing trade talks between the two countries going anywhere, he said.
Trump and his aides have been mostly unyielding in his complaints that Powell and the Fed are to blame for any economic sluggishness, but Powell on Friday singled out the erratic trade directives coming from the White House.
He also cited other geopolitical events like the growing possibility of a hard Brexit, rising tensions in Hong Kong, and the dissolution of the Italian government, saying that "long term bond rates around the world have moved down sharply to near post-crisis lows."Read more: POLITICO
The U.S. should levy tariffs on the American companies that left the U.S. and moved their business to China for cheap labor causing high unemployment. It's not the Chinese products, it's the American products imported from China need tariffs. Politically oriented...would we expect tariffs to be otherwise?
Next, he will hereby order the closure of all Chinese restaurants in America and sanction all countries that allow them to remain open. TheResistance NeedToImpeach ImpeachTrump I’m sorry. And his tariffs are Not politically motivated? PLEASE. Here's something the Chosen One could say. There. Trade War over. 'I hereby order the Chinese to bow before me, on bended knee'
Sam Walton made it rich by selling Made in the USA products! Ask Walmart how they're doing now... Yeah, let's buy American products RebaKnight_ Trump Cares about one thing and that's Donald Trump And why the fuck is anyone paying any attention to what comes out of his mouth? Does that mean realDonaldTrump and IvankaTrump will move their crappy clothes factories out of China?
Delusional China will put Lardo in his place. LOVE China!
Escalation in U.S.-China trade war threatens global economy, poses Trump reelection riskAmerican cars, soybeans and oil largely produced in key swing states have been targeted for additional import tariffs by China, marking the latest volley in a widening trade war with the United States that has damaged the global economy. Sure, let's be more like China/Russia, the liberal socialist are the answer 😂 You are wrong! Please stop, getting old.
So you started all this (war trade) and when the one you attack in the first place responds to it, then is their fault?!?! I’m a simple guy with short understanding of thing perhaps, could someone assist me to comprehend this? How about we find an ‘Alternative’ President instead And Senate Majority too for that matter VoteGOPOut
And your tariffs aren’t politically motivated ? The Chinese can out wait you for decades Donald ! realDonaldTrump too late now. You can’t top a triple dog dare. checkmate tripledogdare TooLate TrumpTariffs embarrassing Daddy or the banks won't bail you out Bonehead and the debt is already making banks bail on you.
HOW ABOUT EVERY CITIZEN, EVERY MAJOR CORPORATION, & EVERY COUNTRY AROUND THE WORLD NO LONGER PAYING ANY TAXES, TARIFFS, OR FEES TO THE UNITED STATES GOVERNMENT UNTIL TRUMP IS IMPEACHED & THE GOP IS CLEANED UP OF THE EGREGIOUS PEOPLE LIKE RICH MCCONNELL! 💩👍 Hey Don, when Ivanka brings her business back here from China, is she going to use those kids you have locked up in cages as slave labor?
Perhaps an opportunity for him and his family to lead by example.
To Gain Leverage in China Trade Talks, Trump Shows Solidarity With Hong KongPresident Trump has come to see the demonstrations as a point of leverage in trade negotiations with Beijing after months of viewing them as an internal matter for China. “It would be very hard to deal if they do violence,' he said on Sunday. What did he say about kim, his lover? And he has the audacity to talk tash about hongkong? 🤦♂️🤡💯
projecting again, I see. Our High Overlord Trump is drunk with power..... He doesn't have. 👏🏻👏🏻👏🏻👍🏻realDonaldTrump Finally, somebody who cares. Otherwise known as the the ol 'I'm taking my ball and going home' defense. As if his bs isn’t politically motivated? Are they just going to all say the silent part out loud?
Nothing 'political' about Trump's motives, right? AWWWWWW You misplaced the scare quotes. They should be around the word 'orders.'
Trump Is Melting Down Because China Won’t Give In on TradePresident Trump is in the midst of a public meltdown that is humiliating, scary, and banana republic–y even by Trumpy standards. jonathanchait writes jonathanchait I’m melting 😂 jonathanchait But 'the Chosen One' said trade wars are easy to win... Haha. jonathanchait And the vast majority of Republicans still support him. That's what's scary.
You mis-spelled, 'Americans to pay more than $500 billion in taxes on Chinese goods.' And yet no one questions the sweatshop working conditions that Wall Street has encouraged in developing nations. We fought a war to end slavery only to see our business & political leaders move the exact same practices overseas.
I’ve supported Trump on many things - he’s done a pretty good job. But the tariffs have failed. They aren’t producing the results with China he hoped and frankly I don’t care if my stuff is made there. I do care he’s risking the economy which risks the WH and our very future. No difference to me - I'm blind - disability pay is 1k a moth. WTF am I gonna buy? I eat once every 2 days.
As long as Ivanka's highly flammable trampwear isn't affected, we should be good. ...guess where your 'tax-cuts' are going...? Is anything not 'politically motivated'? Please Congress takes away Trump power to negotiate trade deals. If you want RealNews look no further than EpochTimes
Donald Trump escalates China trade war with new tariffs on billionsAs he should.. democrats are siding with China.. Trump Raising tariffs is Absolutely correct China policy. Not great economically but necessary politically. China is a predatory totalitarian state.
He did this after the market did a free fell today cause he was POed! His penis contest w/ China is ruining our economy-US!! Our Enfant Terrible is at it again. He’s flailing about without a plan or a reason to do so. This isn’t funny. It’s like a whirlpool drawing us all—America and the world—into an economic vortex with no clear path to a positive outcome.
Trump fires back at China, announces tariffs to increase amid escalating trade warJUST IN: Pres. Trump fires back at China, announcing tariffs will increase to 30% in October. The move follows a 600-point drop in the stock market today amid concerns about the escalating U.S.-China trade war. He’s bankrupting us according to plan. 25thAmendmentNow unfit, abuse of power, malfeasance, mentally unstable ImpeachNow Back to you China 😂😂😂🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
Trump Says He’ll Raise Existing Tariffs To 30%, Escalating Trade War With ChinaThe move was in response to retaliatory tariffs imposed by China. He's unstable, insane, and unhinged. who What an IDIOT. The Dow tanked another 500+ points. 👎👎👁👁