President Trump's trade war with China seethed on Friday when Beijing imposed retaliatory duties on the US and the president said he ordered US companies to prepare to leave the country and return home. Large American corporations are ordered to follow suit immediately to seek an alternative to China. This includes … bringing your companies home and manufacturing your products in the US, "Trump tweeted in a series of statements Friday morning, prompting the companies to call for supplies of the opioid analgesic Fentanyl from China. Search and reject this. "
TRADE WAR: CHINA HITS RATES TO US $ 75 BILLION US PRODUCTS
The US has announced it will impose ten-percent tariffs on Chinese goods worth $ 300 billion in Two steps, September 1
However, with Trump dismissing such warnings while remaining on gas in the conflict with China, American companies responded to his recent recession and demanded the continuation of trade talks.
The US Chamber of Commerce issued a statement saying it wanted a continuation of "constructive engagement" with China.
"The US business community has for many years been calling for the lack of progress in combating China's unfair trading practices … Despite Our Cooperation The 40-year trade relationship between our two countries has been largely productive, constructive and mutually beneficial beneficial, "said Myron Brilliant, executive vice president of the US Chamber of Commerce.
"While we share In the face of President's disappointment, we believe that continuous, constructive engagement is the right path, time is of the essence, we do not want to see any further deterioration in relations between the US and China The government and government of China urgently need to return to the negotiating table. "
Meanwhile, Trump urged large shipping companies to block Fentanyl from China.
"I order all airlines, including Fed Ex, Amazon, UPS and the Post Tweeted on Friday to seek and deny all deliveries of Fentanyl from China (or elsewhere!).
China has Fentanyl Products were added to the country's list of narcotics under state control after Xi Jinping met with Trump in December 2018, but the White House says it has not experienced any significant measures to block large shipments.
But shipping companies suggested that they already do what they can.
FedEx and UPS both stated in statements that they had already done so to identify and eliminate illegal shipments.
DOW RISES 500 POINTS AS US CHINA BRAWL ON TRADE
"FedEx already has extensive security measures to prevent the use of our networks for illegal purposes Wherever we do business, laws and regulations apply, and there has long been close cooperation with the authorities. "
" UPS takes a multi-faceted approach to safety and compliance to identify and prevent the delivery of illegal fentanyl and other illicit substances, as well as all other attempts at non-compliant deliveries, "said the shipping business.
After Trump's comments, stocks on Wall Street fell sharply. The Dow Jones Industrial Average fell more than 300 points after the president announced this on Twitter.
The shares of all three companies mentioned by the President also fell as traders tried to understand the implications for them.
Trump also intervened against the Federal Reserve after its chairman Jerome Powell no longer said the US Federal Reserve was ready to cut interest rates for the second time this year.
TRUMP RIPS FED: "WHO IS OUR GREATEST ENEMY," POWELL OR CHINA'S XI?
In a tweet, Trump compared Powell – whom he has repeatedly criticized, despite having him almost two years ago Handpicked with Chinese President Xi Jinping.
NOTHING! "Trump tweeted, initially misrepresenting Powell's surname before he changed it." My only question is who our bigger enemy is, Jay Powel or Chairman Xi ? "
His tweet came shortly after Powell made a speech at the Jackson Hole Economic Symposium in Wyoming, promising that policymakers would" act appropriately "to sustain record economic growth, according to Powell, the economic outlook remains Despite uncertainties stemming from the US-China trade war, slowing global growth, and subdued inflation, China's early-after China announced It was said it would retaliate against the recent $ 75 billion toll imposed by Washington on US products. The retaliation took the global markets into negative territory.
Paul Conner and Megan Henney of Fox Business, Rich Edson of Fox News and The Associated Press contributed to the report.