Trump announces new tariffs on Chinese goods amid bitter trade war

Trump announces new tariffs on Chinese goods amid bitter trade war

August 25, 2019 100 By Stanley Isaacs


BE BACK HERE ON MONDAY. HAVE A GREAT WEEKEND. I KNOW I WILL.>>Bret: WELCOME TO WASHINGTON. I’M BRET BAIER. TONIGHT, SERIOUS COUNTER PUNCHING TAKING RIGHT NOW AND WHAT’S BECOME A FULL-FLEDGED TRADE WAR WITH U.S. AND CHINA. WITHIN THE PAST HOUR PRESIDENT TRUMP HAS ANNOUNCED ANOTHER MAJOR TARIFF INCREASE ON MORE THAN A HALF TRILLION DOLLARS OF CHINESE IMPORTS. HE TWEETS, STARTING ON OCTOBER 1ST, THE $250 BILLION OF GOODS AND PRODUCTS FROM CHINA CURRENTLY BEING TAXED AT 25% WILL BE TAXED AT 30%. ADDITIONALLY, THE REMAINING $300 BILLION OF GOODS AND PRODUCTS IN CHINA BEING TAXED FROM SEPTEMBER 1ST AT 10% WILL NOW BE TAXED AT 15% ENDING WITH THANK YOU TO YOUR ATTENTION FOR THIS MATTER. THIS COMES THIS MORNING WORRIED THAT BEIJING HIT THE U.S. WAS $75 BILLION WORTH OF NEW TARIFF TARIFFS. THE PRESIDENT RESPONDED BY URGING AMERICAN FIRMS LEAVE THEM A WORLD’S MOST POPULOUS COUNTRY. THAT EARLIER MESSAGE SENT THE MARKETS REELING. THE DOW PLUMMETING TODAY 623 POINTS. THE S&P 500 LOST 76. THE NASDAQ PLUNGED 240. FOR THE WEEK, THE DOW LOST ONE PERCENTAGE POINT. THE SMP DROP TO 1.5. THE NASDAQ LOST A LITTLE LESS THAN TWO. TODAY’S EVENTS PUT AN EXCLAMATION POINTS TO THE FEDERAL RESERVE’S COMMENTS, THE TRADE SITUATION IS COMPLETING HIS ABILITY TO DEAL WITH ONE OF PRESIDENT TRUMP’S FAVORITE TOPICS, INTEREST RATES. CORRESPONDENT RICH ADS AND STARTS US OFF TONIGHT A BUSY DAY ON THE NORTH LOT OF THE WHITE HOUSE.>>THE PRESIDENT PROMISES TO RESPOND AND HERE IT IS. ANOTHER ESCALATION IN THIS TRADE FIGHT BETWEEN UNITED STATES AND CHINA. THE PRESIDENT SAYS HE MET WITH HIS TRADE ADVISORS TODAY, THE RESULT IS THIS AND THAT MEANS ANNOUNCEMENT AND THE GLOBAL RELATION BETWEEN THE TWO COUNTRIES ONLY GETS DOMINIK COUNTRIES ONLY GETS DOMINIS COUNTRIES ONLY GETS DOMINIT COUNTRIES ONLY GETS DOMINID COUNTRIES ONLY GETS DOMINI TODAY. IF YOU SAW PRESIDENT TRUMP’S TWITTER FEED TODAY, YOU KNOW THE PRESIDENT HAS HAD ENOUGH WITH CHINA. A SERIES OF TWEETS, WE DON’T NEED CHINA AND WOULD BE FAR BETTER OFF WITHOUT THEM. SETTING OFF AN INITIAL MARKET DROP, AND THE PRESIDENT OF THE UNITED STATES. TRUMP SAYS AMERICAN COMPANIES ARE HEREBY ORDERED TO IMMEDIATELY START LOOKING FOR AN ALTERNATIVE TO CHINA AND TRUMP TWEETED IN ORDER THAT ALL CARRIERS INCLUDING FEDEX, AMAZON, UPS, AND THE POST OFFICE COMMIT TO SEARCH FOR AND REFUSE ALL DELIVERIES SENT FROM CHINA OR ANYWHERE ELSE. UPS AND FEDEX RESPONDED SAYING THAT THEY WORK WITH AUTHORITIES AND FOLLOW LAWS AND REGULATIONS TO INTERCEPT ILLEGAL SHIPMENTS. WHITE HOUSE TRADE ADVISOR PETER NAVARRO DEFENDED THE ADMINISTRATION’S STANCE.>>WE KNOW THEY ARE KILLING AMERICANS OFFENSE AND ALL. WE KNOW THEY MANIPULATE THEIR CURRENCY. WHEN AMERICANS UNDERSTAND THAT, WHEN CHINA TRIES TO BULLY US, THAT ONLY STRENGTHENS OUR RESOLVE.>>ADMINISTRATION OFFICIALS DESCRIBED CHINA AS THE UNITED STATES’ MOST SIGNIFICANT CHALLENGE IN ADVERSARY. DESPITE THAT, THE PRESIDENT ASKED, WHO IS OUR BIGGEST ENEMY, JAY POWELL OR CHAIRMAN XI? TRUMP CLAIMS THEY ARE RESTRICTING GROWTH.>>DO NOT PLAY CHECKERS IN HS WORLD BUT CENTRAL BANKING AROUND THE WORLD IS A CHESS MATCH.>>SPEAKING BEFORE A CONFERENCE IN WYOMING, POWELL THREW IT BACK TO THE PRESIDENT, SAYING UNCERTAINTY AROUND TRADE IS PLAYING A ROLE IN THE ECONOMIC SLOW DOWN AND, WHILE MONETARY POLICY IS A POWERFUL TOOL THAT SUPPORTS CONSUMER SPENDING, BUSINESS INVESTMENT, PUBLIC CONFIDENCE, IT CANNOT PROVIDE A SETTLED RULE BOOKED FOR INTERNATIONAL TRADE. EVEN AS THE MARKETS TANKED, THE DOW JONES INDUSTRIAL AVERAGE SPENDING THE DAY HUNDREDS OF POINTS IN A NEGATIVE, THE PRESIDENT KEPT WEEDING EVEN JOKED, THE DOW IS DOWN 573 POINTS, ON THE NEWS THAT REPRESENTATIVE SETH MOULTON, WHOEVER THAT MAY BE, HAS DROPPED OUT OF THE 2020 RACE. THE WHITE HOUSE AND SET TRADE NEGOTIATIONS ARE SCHEDULED TO RESUME NEXT MONTH WITH CHINA. AS FOR THE PRESIDENT ORDERING COMPANIES TO DISENGAGE WITH CHINA, THE WHITE HOUSE HAS OFFERED NO CLARITY ON WHAT AUTHORITY THE PRESIDENT OF THE UNITED STATES HAS TWO COMPELLING