'When the smoke is clear, when there is a sense of calm, the market will react to what's really going on in our economy,' Charles Payne said.
Despite the grim reaction of the stock market, the Trump administration doubled down on the warning over the weekend, arguing that the president had the legal authority to make such a demand through the 1977 International Emergency Economic Powers Act. On the phone Monday morning in France, Trump claimed that his administration had very positive phone communication with the Chinese, saying it appeared a new trade deal was closer than before.
"I have not heard of this situation regarding the two calls that the U.S. [president] mentioned in the weekend," Chinese Foreign Ministry spokesman Geng Shuang"Regretfully, the U.S. has further increased the tax rate on China's exports to the U.S. This extreme pressure is purely harmful to both sides and not constructive at all," Shuang added.
"Playing the old tricks of bullying and maximum pressure, the U.S. administration has escalated the trade tensions repeatedly and tried to coerce China into accepting its irrational demands," commentary by the media outlet said.
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