Trump 'Orders' US Companies to Stop Manufacturing in China

The escalating trade war is adding to growing fears of a possible recession in the US with the tariffs weighing on both economies and global trade

The escalating trade war is adding to growing fears of a possible recession in the US with the tariffs weighing on both economies and global trade

The move comes amid indications the ongoing trade war is having an impact on the world's two largest economies.

Trump has repeatedly said that Democrats like former Vice President Joe Biden would likely cave to China if he won the presidency in 2020.

"The U.S. business community has for many years called out the lack of progress in addressing China's unfair trade practices". "Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight".

"China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)".

"Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, now being taxed at 25 percent, will be taxed at 30 percent", Trump continued.

"In terms of global spillovers over the short-term, we have seen and will likely continue to see some export gains in some specific sectors in specific countries", says Pepe Zhang, associate director for China at Atlantic Council's Adrienne Arsht Latin America Center. In Europe, the biggest beneficiary is France, but overall countries on that continent will benefit the least out of the China-U.S. economic conflict. In addition, the 10 percent tax on the remaining $300 billion of Chinese imports will be raised to 15 percent on September 1.

In his latest attempt to bring electronics manufacturing back to the US, President Trump is flat out calling on all US companies to stop assembling their products in China. In Vietnam, some American companies are starting to shift part of their supply chain in China to Vietnam.

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He reinforced his pledge that policymakers will continue to take "appropriate" steps to support the United States economy's longest-running expansion amid signs of a slowdown.

Trump on Friday also ordered UPS, Federal Express and Amazon to block any deliveries from China of the powerful opiod drug fentanyl.

The stocks of all three companies the president mentioned also dropped as traders tried to understand what the implications for them were. She is a special correspondent for us and she's a columnist at The Washington Post.

Trump on Friday said that he will respond in hours to an announcement Friday that China was retaliating to USA tariffs with a slate of its own protective measures.

China's commerce ministry said in a statement it would impose additional tariffs of 5 percent or 10 percent on a total of 5,078 products originating from the United States, including agricultural products such as soybeans, crude oil and small aircraft.

After Trump first said earlier this week he was considering a payroll tax cut, he reversed himself and nixed that idea the next day. Beijing gave no details of what goods would be affected but the timing matches Trump's planned hikes.

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