President Donald Trump angrily escalated his trade fight with China on Friday, raising retaliatory tariffs and ordering American companies to consider alternatives to doing business there. He also blamed Jerome Powell, the man he appointed as chairman of the Federal Reserve, for the state of the domestic economy, wondering who was a “bigger enemy” of the U.S. — Powell or Chinese President Xi Jinping.
Even by the turbulent standards of the Trump presidency, his actions, all done via Twitter, were notable, sending markets sharply lower and adding to a sense of uncertainty on the eve of his trip to France for a meeting of global economic powers.
Trump’s move came after Beijing announced Friday morning that it had raised taxes on U.S. products. He huddled with advisers, firing off tweets that attacked China and the Fed. And he mockingly attributed a Wall Street drop of 573 points to the withdrawal of a marginal candidate from the Democratic presidential race. The Dow Jones average eventually closed down 623 points.
Even by the turbulent standards of the Trump presidency, his actions, all done via Twitter, were notable, sending markets sharply lower and adding to a sense of uncertainty on the eve of his trip to France for a meeting of global economic powers.
Trump’s move came after Beijing announced Friday morning that it had raised taxes on U.S. products. He huddled with advisers, firing off tweets that attacked China and the Fed. And he mockingly attributed a Wall Street drop of 573 points to the withdrawal of a marginal candidate from the Democratic presidential race. The Dow Jones average eventually closed down 623 points.
