Trump on Tuesday warned he would be 'tougher' on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession
WASHINGTON - U.S. President Donald Trump on Tuesday warned he would be"tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.
U.S. stocks fell on Tuesday as data showed factory activity contracted for the first time since 2016 in August, while the benchmark 10-year U.S. Treasury yield fell to its lowest since July 2016. He warned that Beijing faced even tougher terms if the two sides did not resolve their trade dispute and he won re-election in November 2020, writing,"Deal would get MUCH TOUGHER! In the meantime, China's Supply Chain will crumble and businesses, jobs and money will be gone!"Thomas Donohue, chief executive of the U.S. Chamber of Commerce, told CNBC that U.S. companies and workers were bearing the brunt of the U.S. tariffs but China's economy was also hurting.
Congressional passage of the U.S-Mexico-Canada trade agreement was possible, and would help boost the U.S. economy while reassuring financial markets, he said."It would rub off on what we're doing in China."
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