On Friday, Trump escalated his trade war with China, tweeting: "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 U.S.".
China on Friday announced tariff increased on $75 billion worth of United States products in retaliation for President Donald Trump's planned increase, deepening a trade war that threatens to tip the global economy into recession.
President Donald Trump said he'll announce his response to the latest round of Chinese tariffs Friday afternoon, firing off a series of tweets that blasted the country and signalled mounting frustration with the direction of trade negotiations. "We don't need China", the United States president said in a heated Twitter blast. Vendors including Dell, HP, Intel, Apple, and Sony have told the White House that consumer electronics production is heavily dependent on Chinese manufacturing.
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Despite increasing worries about a global slowdown, the US and China have shown no sign of backing down in their trade war. The August figure was down from 50.4 in July, the London-based global information provider said in its press release.
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The tariff hikes by the US "have led to the continuous escalation of China-US economic and trade frictions, violating the consensus reached by the two heads of state in Argentina and the consensus reached in Osaka", China's State Council Tariff Commission Office said in a statement. The Dow Jones Industrial Average dropped 100 points shortly after the markets opened, though investors appeared to be holding their breaths in anticipation of a speech by Federal Reserve Chairman Jerome Powell later in the morning.
Trump also said he was "ordering" UPS, Federal Express and Amazon to block any deliveries from China of the powerful opiod drug fentanyl. The president said that a violent crackdown on the protesters would make the deal "much harder" to sign. China is also reinstituting tariffs on cars and auto parts originating from the United States.
China snapped up a small volume of U.S. soybeans last week after pledging to halt purchases of American farm products due to the escalating trade war between Washington and Beijing, U.S. Department of Agriculture data showed on Thursday.
Beijing also announced it will reimpose a 25 percent tariff on USA autos and a 5 percent tariff on auto parts, also starting December 15.
Meanwhile, Trump also lashed out at the Federal Reserve after its chairman, Jerome Powell, stopped short of saying the US central bank is prepared to cut interest rates for a second time this year. Such inversions, where the 10-year Treasury yield dips below the two-year Treasury rate, are historic predictors of a coming recession.