Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

Trump Stays Defiant Ahead of New Tariffs, Lashing ‘Weak’ Critics

Economy Aug 30, 2019 04:27PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Trump Stays Defiant Ahead of New Tariffs, Lashing ‘Weak’ Critics

(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. 

President Donald Trump showed little sign that he’s going to back down from new tariffs on more than $110 billion in Chinese imports set to take effect Sunday, blaming American companies for their inability to deal with a trade policy he said is aimed at reining in “unfair players.”

“Badly run and weak companies are smartly blaming these small Tariffs instead of themselves for bad management,” Trump tweeted Friday. “And who can really blame them for doing that? Excuses!”

In a separate Twitter post on Friday, he took aim at the Federal Reserve again, writing that “we don’t have a Tariff problem (we are reigning in bad and/or unfair players), we have a Fed problem.”

Trump has repeatedly attacked the central bank, blaming policymakers for the dollar’s strength and harming the economy by raising interest rates and then moving to cut them too slowly.

U.S. stocks moved between gains and losses as investors weighed the effects of more import tariffs on American households. U.S. consumer sentiment slumped to the lowest level of Trump’s presidency. The University of Michigan’s final sentiment index fell to 89.8 in August from a previously reported 92.1 and 98.4 in July, data showed Friday.

The U.S. is starting a 15% tariff on about $110 billion in apparel, footwear and other Chinese imports Sunday, with same duty on the balance of almost $300 billion in toys, phones and laptops and other products delayed until Dec. 15. Trump is also increasing the levy already in effect on $250 billion in other Chinese goods to 30% from 25% starting Oct. 1, the 70th anniversary of the founding of the People’s Republic of China.

China has vowed additional tariffs on $75 billion of U.S. goods, including soybeans, automobiles and oil, with some taking effect Sunday and the rest Dec. 15 in retaliation.

While it’s unclear who Trump is responding to in his criticism of businesses that blame their problems on tariffs, the largest U.S. business lobby this week urged him and Chinese President Xi Jinping to withdraw from the new tariffs and return to talks in good faith to end the escalating trade war.

“At this moment of uncertainty, it is critical that our leaders take decisive steps to bolster the economy and avoid actions that could turn talk of recession into reality,” Thomas Donohue, chief executive officer of the U.S. Chamber of Commerce, said in a Washington Post opinion piece Thursday.

Other American industry groups were also critical of the escalation.

A coalition of more than 150 trade associations made a last-ditch plea to postpone the duties, saying they “come at the worst possible time” and that holiday purchases will still be affected.

Despite the worsening trade tensions, a large majority of the American companies that are members of the U.S.-China Business Council said they’re committed to China over the long term and don’t plan to leave, according to a survey the group released Thursday.

Trump Stays Defiant Ahead of New Tariffs, Lashing ‘Weak’ Critics
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
brad merck
brad merck Aug 31, 2019 3:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gold up monday , Trump is a big trader
brad merck
brad merck Aug 31, 2019 3:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1600 is near
Don Getty
Don Getty Aug 30, 2019 5:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Well I thought mid week next week would be when Dictator Donald would spike the market with trade threats, I was wrong, I guess with next week being a short week with the holiday he wanted to get a shot in early. Shame he probably won't be wasting taxpayer money at mar go la this weekend - guess he'll just have to visit one of his cooler resorts. Moscow Mitch and the little Goons of Putin now standing on the shores of Daytona Beach blowing east Hard hoping to protect the US coastline - Moscow Mitch live at 5 on Tas with the weather report and more environmental protection cuts!
Bill Something
Bill Something Aug 30, 2019 5:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I agree, I'm with you and China on this one. Why should China be forced to play fair? Only the US should play fair, viva la China!
Patron Silver
Patron Silver Aug 30, 2019 4:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
powell questioning why he took this gig :/
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email