Business
Trump orders US companies to look for an alternative to China, stocks slide
On Friday, U.S. President Donald Trump said, “our great American companies are hereby ordered” to “immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.”
The U.S. President also said he is ordering all carriers, including Fed Ex, Amazon, UPS, and the Post Office, to SEARCH FOR & REFUSE,….all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year.
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….better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..
— Donald J. Trump (@realDonaldTrump) August 23, 2019
President Xi said this would stop – it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!” he added.
Mr. Trump tweeted. “I will be responding to China’s Tariffs this afternoon.”
….all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop – it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!
— Donald J. Trump (@realDonaldTrump) August 23, 2019
The U.S. President tweets came after China hiked tariffs on $75 billion of U.S. products.
According to CNBC, Semiconductor stocks and shares of Apple slide after President Trump tweets. Shares of Apple fell as much as 4.5%, while the VanEck Vectors Semiconductor ETF declined 4%. Among the chip companies, Qualcomm slid 4.5%, Nvidia lost 4.8%, Advanced Micro Devices dropped 6.6%, Micron fell 4.2% and Broadcom slid 5.3%.
The tech-heavy Nasdaq was off 2.1%, while the Dow Jones Industrial Average slid 2.2% and the S&P 500 fell 2.4%.
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