By Joshua Gallu President Donald Trump said he'll announce a response to Chinese tariffs Friday afternoon, as he also blasted the Federal Reserve, suggesting its chairman could be a greater "enemy" of the US than Chinese President Xi Jinping. "As usual, the Fed does nothing", he frowned on Twitter.
My only question is, who is our greatest enemy, Jay Powell or President Xi?
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The outburst followed the decision by Beijing to impose tariffs on a range of American goods, worth $75 billion, in retaliation for U.S. tariff measures. With some signs of growing recession risks in the United States, Trump administration officials have discussed actions to prevent a downturn before the November 2020 presidential election, according to media reports.
Shortly after markets closed, Trump tweeted that China should not have retaliated with new tariffs, and that $250 billion worth of products from China will be taxed at 30 per cent, instead of 25 per cent, starting October 1.
The Twitter tirade pushed stock prices lower, as the Dow Jones Industrial Average was down more than 700 points at one point, before closing down 621 points, to 25,630.
Trump pressed American companies to leave China in response to an earlier announcement from Beijing that it would impose a new round of retaliatory tariffs on an additional $75 billion in USA goods, upping the ante in an acrimonious trade war that has roiled markets for months and shown little sign of abating.
Powell talked at length about trade policy uncertainties.
But in his hotly anticipated speech to an annual central banking conference in Jackson Gap, Wyoming, Powell cautioned that the Fed has no "rulebook" for facing the alternate battle fallout.
China's commerce ministry, earlier Friday, stated it will be imposing additional tariffs of 5% or 10% on a total of 5,078 products originating from the USA, including agricultural products, crude oil, small aircraft and cars. He also suggested the trade war Trump started with China is making it harder for central bankers to do their job.
"Our Federal Reserve does not allow us to do what we must do", Trump tweeted Thursday.
David French, senior vice president of government relations at the National Retail Federation, said it was "unrealistic for American retailers to move out of the world's second largest economy as 95 percent of the world's consumers live outside our borders".
A total of 5,078 US products will be subject to additional tariffs of 10 percent or 5 percent.
Trump's tweets were his most belligerent to date, taking aim not only against China, but U.S. corporations and the Federal Reserve, calling its chairman Jerome Powell an "enemy".
However, Trump is holding firm to his policies.
"The Economy is doing really well". He also said he would respond to Beijing's latest tariff increase later Friday. Adding, "I think that our tariffs are working out very well for us, people don't understand that yet..."
The euro on Friday closed at US$1.126, after touching a three-week low of US$1.1052. "This is more important than anything else right now, just about, that we're working on".
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