Trumps' tweets capture the president's frustration as his escalating trade war with China heightens the risk of a recession in an election year
President Donald Trump on Friday lobbed Twitter attacks at China, U.S. companies and his handpicked Federal Reserve chief as he warned of an unspecified action against the world’s No. 2 economy coming later Friday — a reflection of Trump’s rising anxiety about an increasingly troubled economic picture at home.
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.
During a two-hour meeting in the Oval Office on Monday with several top aides and Cabinet members, Trump repeatedly told attendees “I just want a fair deal” when it comes to China. The meeting included discussion of both China and trade, among other topics, ahead of this weekend’s G7 summit. 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.
He then launched a personal attack on Powell, writing, "My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" “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.
“China will contribute a significant proportion of global growth in the decades ahead,” said Jake Parker, senior vice president of the U.S.-China Business Council. “Missing out on that opportunity would weaken the competitiveness of U.S. industry and harm the United States national interests at home.”
Though he conceded the economy was slowing, Navarro blamed the Fed for slow-walking rate cuts, calling economic worries "a pure Federal Reserve effect on higher interest rates." "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.
The U.S. Chamber of Commerce, the leading lobbying group for U.S. businesses, sought to lower the temperature. “U.S. companies have been ambassadors for positive changes to the Chinese economy that continue to benefit both our people,“ Myron Brilliant, the Chamber's executive vice president and head of international affairs, said in a statement. “We do not want to see a further deterioration of U.S.-China relations.
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.
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