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Trump vows to respond after China hikes tariffs on soyabean & auto

China threatened earlier to impose additional tariffs on $75 billion of American goods.

Bloomberg|
Updated: Aug 23, 2019, 08.44 PM IST
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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 U.S. than Chinese President Xi Jinping.

“As usual, the Fed did NOTHING! It is incredible that they can “speak” without knowing or asking what I am doing, which will be announced shortly,” Trump said Friday in a tweet, following the release of prepared remarks by Fed Chairman Jerome Powell at the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming.

U.S. stocks fell to their lows of the day after Trump’s remarks, with the S&P 500 Index down 1% as of 11:07 a.m. in New York. Treasuries rallied.

China threatened earlier Friday to impose additional tariffs on $75 billion of American goods including soybeans, automobiles and oil. The move was in retaliation for Trump’s latest planned levies on Chinese imports that has pushed U.S. stocks and commodities lower.

Trump clarified in a subsequent tweet that he will be announcing a response to new China tariffs Friday afternoon. He said he “hereby ordered” American companies to start looking for alternatives to making products in China.

China’s tariff threats take aim at the heart of Trump’s political support -- factories and farms across the Midwest and South at a time when the U.S. economy is showing signs of slowing down. The news from Beijing rekindled concerns about the world’s two largest economies and a global growth outlook that’s already looking shaky.

“We have a very strong dollar and a very weak Fed,” Trump said in one of the tweets.

Powell in his speech said the U.S. economy is in a favorable place but faces “significant risks” as growth abroad slows amid trade uncertainty.

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” Trump said in one of the tweets.

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