nearvideo-stocks fall as China announces retaliatory tariffs, Trump goes on the offensive
The Dow takes a dive as China’s retaliatory tariffs announces on some U.S. goods, President Trump rips Federal Reserve; Kevin cork reports from the White house.
President Trump’s trade war with China, Friday, scalded as Beijing’s retaliation proposed measures customs duties on America and the President, he said, the appointment of a US company preparing to leave the country and relocate back home — the prompt pushback from corporate America.
“Our great American companies are hereby ordered immediately to search for an alternative to China, including … bring your companies Trump tweeted at HOME and manufacture their products in the United States,” in a blistering set of instructions on Friday morning. The President went on to seek to continue to call on the company, “& reject” shipments of the opioid painkiller fentanyl from China.
TRADE WAR: CHINA SLAPS DUTIES ON $75B FROM US PRODUCT
The United States has said, impose it plans to, the 10 percent duties on $ 300 billion of Chinese goods in two steps, on Sept. 1 and Dec. 15. China reacted on Friday with the new rates to $75 billion in U.S. products in retaliation, the deepening threatens a conflict about trade and technology, to tilt of a weakening world economy into recession.
But as a trump such warnings, rejects, while his feet responded to the gas in the confrontation with China, the American company on his last tour through the insistence to continue discussions.
The U.S. Chamber of Commerce, in a statement, saying it wants to see more “constructive engagement” with China.
TRUMP ORDERS US COMPANIES TO BLOCK ALL OF THE FENTANYL SHIPMENTS FROM CHINA
“The US economy has been for many years, the lack of called of progress in addressing China’s unfair trade practices. … In spite of our concerns, the 40-year-old trade relations between our two countries was the greatest part of productive, constructive, and mutually beneficial,” said Myron Brilliant, executive vice president of the U.S. chamber of Commerce.
“While we share the President’s frustration, we believe that ongoing, constructive engagement is the right way. Time is of the essence is. We do not want to see a further deterioration of US-China relations. We urge the administration and the government of China to return to the negotiating table.”
Trump, meanwhile, is under pressure to block great shipping companies of fentanyl from China.
“I order you to SEARCH all airlines, including Fed Ex, Amazon, UPS and the Post office, and REFUSE all deliveries of Fentanyl from China (or elsewhere!),” Trump tweeted Friday.
China added fentanyl products on the country’s list of narcotic drugs subject to state control, after Xi Jinping met with Trump in December 2018, but the White house says it has no major measures on the blocking of large consignments.
But the shipping companies stated that they already do to what they can do.
FedEx and UPS both said in statements that they are already working to identify and remove illegal shipments.
DOW PLUNGES 500 POINTS AS THE U.S. AND CHINA BEAT ON THE TRADE
“FedEx has already taken extensive security measures to prevent the use of our networks for any illegal purposes. We follow the laws and regulations wherever we do business and have a long history of close cooperation with the authorities,” the company said.
“UPS adopts a layered approach to security and compliance to identify and prevent the delivery of illicit Fentanyl and other illegal substances, as well as all the other attempts, non-compliant shipments,” said the shipping line business.
Shares plummeted on Wall Street to Trump’s comments. The Dow Jones Industrial Average fell more than 300 points, after the President made the announcements on Twitter.
The shares of all three companies mentioned by the U.S. President fell, as traders tried to understand what the consequences were.
Meanwhile, Trump also slashing in the Federal Reserve, after Chairman Jerome Powell, held to say, the US Central Bank is ready to cut interest rates for the second time this year.
TRUMP RIPS FED: ‘WHO IS OUR Bigger ENEMY,’ POWELL, OR CHINA’S XI?
In a tweet, trump compared Powell — whom he repeatedly criticized, despite the hand, the him almost two years ago — Chinese President Xi Jinping.
“As usual, is done, the Fed is NOTHING!” Trump tweeted, first of all, an error of law in Powell ‘ s write the last name before you change it. “My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?”
His tweet came shortly after Powell delivered a speech at the Jackson Hole Economic Symposium in Wyoming, in which he promised the policy would be expansion “suitable” for the preservation of the record economic. The economic Outlook, Powell said, remains strong, despite the uncertainties, the was from the US-China trade, slowing global growth and subdued inflation.
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Shares had a fluctuate between gains and losses, the said previously to China, it would be subject to a retaliation against the latest round of tariffs, Washington, with tasks to $75 billion in U.S. products.
China said on Friday that the import duties increase on US-made cars and car parts. The retribution that pulled the global markets in negative territory.
Fox Business’ Paul Conner and Megan Henney, Fox News’ rich Edson and The Associated Press contributed to this report.