President Trump lobbed Twitter attacks at China, U.S. companies and his handpicked Federal Reserve chief today as he further escalated his tariff war with the world’s No. 2 economy
President Donald Trump on Friday lobbed Twitter attacks at China, U.S. companies and his handpicked Federal Reserve chief as he further escalated his tariff battle with the world’s No. 2 economy — a reflection of Trump’s rising anxiety about an increasingly troubled economic picture at home.
It was unclear exactly what Trump meant with his directive to the U.S. companies or whether he plans additional action to execute the order, but the tweets captured the president's frustration as his escalating trade war with China weighs on the economy and heightens the risk of a recession during an election year.
Trump’s initial tweets took the president’s aides by surprise, triggering the latest instance of the White House making policy on the fly after Trump issued a directive via Twitter. Trump huddled midday with his economic team including trade adviser Peter Navarro, U.S.
Current and former White House aides viewed China’s retaliatory tariffs on Friday — and Trump’s Twitter response to them — as both countries angling for dominance ahead of the G7. The announcement from China came just before a speech from Powell in which he said the central bank stands ready to do what is necessary to support the record-long U.S. economic expansion. But he did not signal that significant interest rate cuts will be coming soon, angering Trump.
Trump’s outrage at China’s retaliation was largely driven by his perception that the Chinese economy is on the brink of ruin and Beijing would be reluctant to make a move that would further put it in jeopardy, the person said.Trump has repeatedly claimed in recent days that U.S. tariffs were causing China to hemorrhage jobs, up to 2.5 million “in a very short period of time,” and has cited other numbers.
Trump’s tariff escalation will leave U.S. companies even more uncertain about purchasing, investments and day-to-day business, business groups said. “So your choices are either you step backwards and admit failure, or you keep charging ahead further into more danger,” he added. “Unfortunately, he seems to be heading forward into more danger.”
The Trump administration has increasingly cited the need to realign U.S. agriculture away from China. But that’s a tall order given the sheer size of the country, its increasing demand for protein and the many years U.S. producers spent in cultivating the market. “China will contribute a significant proportion of global growth in the decades ahead,” said Jake Parker, senior vice president of the U.S.-China Business Council. “Missing out on that opportunity would weaken the competitiveness of U.S. industry and harm the United States national interests at home.”
Though he conceded the economy was slowing, Navarro blamed the Fed for slow-walking rate cuts, calling economic worries "a pure Federal Reserve effect on higher interest rates." "What's important today — look, this is a big day, tomorrow is a big day. It's a big day today because we're going to get better signals from the federal reserve as to whether they're going to get in line with over 30 central banks around the world that have been cutting rates," he said, adding later that forecasting aggressive rate cuts should show "he's got America's back.
While China‘s latest latest retaliatory tariffs seem to have especially provoked Trump's fury, they represent “a mild, proportionate response,” to the U.S. decision earlier this month to move forward with more duties, said Agathe Demarais, global forecasting director at The Economist Intelligence unit.
The two sides have for more than a year been engaged in talks discussing systemic issues like China’s handling of U.S. intellectual property and other market access and trade issues, including its purchases of American farm goods.
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