No plans to declare national emergency: Trump amid US-China trade war

No plans to declare national emergency: Trump amid US-China trade war

USA stocks tumbled on Friday when President Donald Trump announced an additional 5% duty on $550 billion in targeted Chinese goods, hours after Beijing unveiled retaliatory tariffs on $75 billion worth of US products.

European shares are recovering from early session lows and US stock indexes have turned higher in the premarket session after a comment from President Trump helped ease tensions surrounding U.S.

The yen surged on Monday as investors flocked to safe-haven assets after a sharp re-escalation in the US-China trade war, which whacked investor confidence and darkened the global economic outlook.

Two White House officials confirmed that President Donald Trump has the power to force U.S. companies to move their operations out of China, but clarified that no official order has yet been made by the U.S. government.

As President, I can no longer allow this to happen!

The trade war escalated last week after China unveiled new tariffs on $75 billion worth of USA products.


China's currency on Monday slid to its lowest point in more than 11 years as concerns over the USA trade war and the potential for global recession weighed on markets.

"The talks and negotiations continue and I think that's very positive", he said.

China has previously expressed willingness to resolve the trade dispute. "So I doubt whether they're going to take another step", he said on CBS' Face the Nation program.

Yesterday, Trump claimed the Sunday evening conversations meant China is serious about making a deal. "The trade war is taking its toll and heading into an election year, Trump does not want fingers pointing at him".

Johnson congratulated Trump on the strength of the USA economy which he said was "fantastic".

"We want them to be in places where there're trading partners that respect us and trade with us fairly", Mnuchin said, saying USA businesses would be better off relying less on China in the event the trade war lasts for a long time.


"For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more". Bernie Sanders on Sunday said he would use tariffs as one part of his overall trade strategy but rejected President Donald Trump's tactics as irrational and damaging to the world's economy.

On the sidelines of the G7 summit in France, Trump on Monday said Chinese officials contacted U.S. trade reps overnight to discuss restarting trade negotiations.

The Congressional Research Service says the IEEPA can be used against "any unusual and extraordinary threat" outside the U.S.

The trade war has affected businesses all over the world and disrupted supply chains. We now are close to hopefully having the United States-Mexico-Canada Agreement (USMCA) passed.

Chinese state-run media added another layer to the tensions this weekend.

"It has become unquestionably clear that his administration's tariff war against China is politically motivated". US markets bounced back Monday amid hopes USA and China might be headed back to the negotiating table. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.


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