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Trump 'hereby orders' US companies to leave China after attacking Fed chair
Source: The Guardian
Trump 'hereby orders' US companies to leave China after attacking Fed chair
President calls for US boycott after China announced it was preparing to impose $75bn in additional tariffs on US products
Dominic Rushe in New York
@dominicru
Fri 23 Aug 2019 16.56 BST First published on Fri 23 Aug 2019 15.41 BST
Donald Trump ordered US companies to leave China on Friday after launching another blistering attack on Federal Reserve chairman Jerome Powell, asking “who is our bigger enemy, Jay Powell or [China’s] Chairman Xi?”
Moments after Federal Reserve chairman, Jerome Powell, warned the US central bank was facing a “new challenge” as it deals with the Trump administration’s seesaw trade policies and ongoing dispute with China, Trump went on a Twitter rampage calling for a US boycott.
-Twitter rant snipped-
Trump said China had broken a promise to stop shipments of the synthetic opioid fentanyl from coming into the US and had ordered Amazon, FedEx and UPS to search shipments for the drug. “Fentanyl kills 100,000 Americans a year. President Xi said this would stop - it didn’t,” he wrote on Twitter.
The president has no legal authority to compel US companies to leave China – one of the US’s largest markets and trading partners. It is as yet unclear how he will impose his “order.”
-snip-
President calls for US boycott after China announced it was preparing to impose $75bn in additional tariffs on US products
Dominic Rushe in New York
@dominicru
Fri 23 Aug 2019 16.56 BST First published on Fri 23 Aug 2019 15.41 BST
Donald Trump ordered US companies to leave China on Friday after launching another blistering attack on Federal Reserve chairman Jerome Powell, asking “who is our bigger enemy, Jay Powell or [China’s] Chairman Xi?”
Moments after Federal Reserve chairman, Jerome Powell, warned the US central bank was facing a “new challenge” as it deals with the Trump administration’s seesaw trade policies and ongoing dispute with China, Trump went on a Twitter rampage calling for a US boycott.
-Twitter rant snipped-
Trump said China had broken a promise to stop shipments of the synthetic opioid fentanyl from coming into the US and had ordered Amazon, FedEx and UPS to search shipments for the drug. “Fentanyl kills 100,000 Americans a year. President Xi said this would stop - it didn’t,” he wrote on Twitter.
The president has no legal authority to compel US companies to leave China – one of the US’s largest markets and trading partners. It is as yet unclear how he will impose his “order.”
-snip-
Read more: https://www.theguardian.com/business/2019/aug/23/fed-chair-jerome-powell-trump-trade-policies-new-challenge
______________________________________________________________________
emphasis mine
2 replies
= new reply since forum marked as read
= new reply since forum marked as read
(Source- CNBC, youtube 5.21)
Hundreds of billions of dollars in US multinational corporate sales in China are excluded from discussion in the anti-Chinese trade war/trade deficit hysteria.
The NY Times in their article on the same subject in the OP included a statement to the effect that there isn't much more the Chinese could do in terms of retaliation. The Trump administration couldn't be more wrong.