US – China Relations: Trump Threatens Renewed Trade War, Kudlow Says China To Be ‘Held Accountable’ For Coronavirus – By Wesley Dockery (IB Times) / May 2 2020
After extended tensions between the U.S. and China, President Trump on Thursday renewed threats to slap new tariffs on Chinese goods as retaliation for China’s handling of the coronavirus outbreak.
The Washington Post had reported Thursday that Trump was considering canceling U.S. debt obligations to China. However, denied that possibility before floating the prospect of tariffs.
“When you start playing that game, you’re really hurting the sanctity — the importance of the greatest currency on Earth. But we can do it in other ways. We can do it with tariffs. We can do it other ways, even beyond that, without having to play that game,” Trump said.
Economists worry that additional tariffs could lead to a possible depression.
“This is pure folly,” Joe Brusuelas, chief economist at RSM, told CNN Business on Friday. “It’s exactly what the U.S. economy doesn’t need.”
Trump’s tariff threat triggered a selloff on Wall Street. By market close on Friday, the Dow Jones Industrial Average had fallen 622 points.
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