WTF Just Happened Today

Friday, August 23, 2019

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1/ Trump called the Federal Reserve chairman an "enemy" of the United States after Jerome Powell said Trump's trade war is a "complex, turbulent" situation. Powell, whom Trump picked for the role, suggested the trade wars were contributing to a possible global slowdown and that the central bank was facing a "new challenge" as a result. Trump, meanwhile, tweeted that the Fed "did NOTHING" and questioned who "our bigger enemy" is: Powell or China's President Xi Jinping. Trump also tweeted that he'll continue to "work 'brilliantly.'" [Editor's note: It's unclear why Trump quoted the word brilliantly in his tweet.] (Washington Post / New York Times / Wall Street Journal / NBC News / The Guardian / CNBC)

2/ China will retaliate with tariffs on $75 billion more of U.S. goods in two batches effective Sept. 1st and Dec. 15th, which match with 10% tariff the Trump administration said would go into effect on $300 billion worth of imports from China. Beijing will also impose 25% tariffs on U.S. cars and a 5% on auto parts and components, which will go into effect on Dec. 15th. China paused the tariffs in April. (ABC News / Bloomberg / CNBC / Axios)

3/ Trump "hereby ordered" U.S. companies via Twitter to leave China "immediately" after Beijing said it would impose tariffs on $75 billion worth of additional U.S. products. In a series of tweets, Trump demanded that U.S. companies "start looking for an alternative to China, including bringing our companies HOME and making your products in the USA," because "Our Country has lost, stupidly, Trillions of Dollars with China over many years." Trump also "ordered" the United States Postal Service and private American companies like FedEx, Amazon, and UPS to search packages from China for Fentanyl and refuse delivery. The White House does not have the authority to force companies to follow these "orders." Trump also promised to escalate the trade war, saying he would be "responding to China's Tariffs this afternoon" because "This is a GREAT opportunity for the United States." (Washington Post / New York Times / Wall Street Journal / Associated Press / Bloomberg)