China Warns US To Stop "Wrong" Trade Actions Or Face Consequences

Soybeans Sink as China Hikes Tariffs on U.S. Farm Products

Soybeans Sink as China Hikes Tariffs on U.S. Farm Products

Trump's demand, issued amid a furious Twitter attack on China, ordered USA companies to look for an 'alternative to China, ' hours after China announced tariffs on an additional $75 billion of US goods in the latest trade war escalation.

China's commerce ministry said in a statement the United States should not misjudge the situation or underestimate the resolve of the Chinese people. -China trade war, American consumers have so far been largely shielded from the negative impact of tariffs.

And trade association CompTIA stressed the logistical strain that would follow if companies were forced to shift operations out of China, saying it would take months for most companies. Further, many U.S. companies such as those in the aerospace, services and retail sectors would be sure to resist pressure to leave a market that is not only huge but growing. So what legal action can the president take to compel American companies to do his bidding? "This is a GREAT opportunity for the United States", Trump tweeted Friday, after China threatened to impose additional tariffs on US$75 billion of American goods, including soybeans, cars and oil.

Trump last week delayed a threat to impose 10% tariffs on $156 billion of Chinese goods, partly in an attempt to ease tensions, but also as he seeks public support for a second term in the White House.

The American Apparel & Footwear Association estimates that 77 per cent of U.S. imports of apparel, footwear and home textiles from China ― or about US$39 billion worth of goods ― will be hit when the new 15 per cent tariffs kick in on September 1.

"For all of the Fake News Reporters that don't have a clue as to what the law is relative to Presidential powers, China, etc., try looking at the Emergency Economic Powers Act of 1977". Some of the tariffs will take effect on September 1, the others on December 15, it said.

"Setting trade policy is the business of Congress and the administration, not that of the Fed", Powell said in this report from The Hill.

The act gives presidents wide berth in regulating global commerce during times of declared national emergencies.

Himesh Reshammiya records song with internet sensation Ranu Mandal
When he got a chance to meet Ranu and hear her sing, he couldn't wait and offered her a song " Teri Meri Kahani ". This apart, Ranu will make an appearance on " Superstar Singer " which will be aired this week on ZeeTv.

"The IEEPA framework is broad enough to do something blunt,"said Mr Meyer".

American companies could also sue the United States government in response to any order to shutter plants in China.

Friday's events marked a dramatic escalation in tensions between the US and China after months of failed talks to resolve their trade dispute.

In a series of tweets, the president said he would increase the pressure on Beijing as part of his long-held goal to force China to change what he calls unfair trade practices. "It seems that's the direction we're heading in", said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

Boeing opened its first completion plant for 737 airliners in China in December, a strategic investment aimed at building a sales lead over its European arch-rival Airbus.

Trump also demanded that United States companies take steps to exit China, throwing a new twist into a bitter trade war now in its second year, although Trump can not legally compel U.S. companies to abandon China immediately. "You know exactly what I mean", he said.

Former U.S. Attorney and current professor at the University of Alabama Law School Joyce White Vance responded to Trump by stating that the IEEPA does not allow the President to do what he appears to think it does; she warned about the long-term ramifications of what may happen if the Act is invoked.

Trump also said he was ordering shippers including FedEx.

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