Can Trump order US companies to stop working with China?

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Can Trump order US companies to stop working with China?
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Can Trump order US companies to stop working with China?
Can Trump order US companies to stop working with China?
Dial for an exclusive interview from the summit treasury secretary Steven mnuchin confusion, which is it is he or it’s great to be here with you? The president is determined to have fair and reciprocal trade with China and know this morning’s portmanteau back that off. It was meant to say that he’s determined as ever on this issue. He wants a good deal. He wants free, fair and reciprocal trade president, this on Friday, about American businesses. I want to put it up on the screen are Great. American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your company’s home and making your products in the USA is the president us companies to stop doing business with China and, if so, what Authority? Well, he would have the authority to do that under I-85. He declared emergency. He has not done that. I think what he was saying is he’s ordering companies to start looking, because he wants to make sure to the extent we are in an extended. It work that companies, don’t don’t have these issues and move out of China, and – and we want them to be in places where they’re trading partners that respect us and trade with us president claims he does have authority on something called the emergency economic Powers Act passed In 1977, Hillary is on Friday night in 1977 emergency. I have the absolute right to do that. We’Ll see how that goes, but I have the absolute right 1977 check it out, but there’s a couple of problems here, miss the secretary at the first of all, as you pointed out, the president declare a National Emergency what she has and secondly, the Act only blocks American companies sending the transfer of future funds not passed Investments, and it also in the past. Stop businesses with Outlaw Nations or with drug dealer is not with trading partners, or is this really a realistic option for the president? Our first choice is to have fair and reciprocal trade. The reason why we put on Terraces for the last two-and-a-half years we’ve been working with China to rebalance the trading relationship and it hasn’t rebalance. The trade deficit has grown significantly assurances from China. As you know, when we were close to a deal to president was happy and they they backed off of that, the president does have lots of authority. If you know we use these authorities successfully with Mexico on on certain issues, they are we now or are close to, hopefully having the usmca passed. We had a terrific meeting with Canada today on this end and we’re looking forward to getting that agreement passed. Pollyanna tan is to impose the next round of sanctions, as he’s announced on September 1st, unless there is some breaking the negotiations absolutely and again, you can assume the president will consider all his options on Friday Federal Reserve board. Chairman XI, the president of China question: does the president really regard the chairman of the Federal Reserve, whom he appointed to be an enemy of the country antenna which is with all of these statements from the president of all of these tweets? How seriously? How, literally, should we take what the president said and she side of this, because I was with our President Trump today and he was very clear that President she is still his friend. He is a very good relationship with President XI. We worked on lots of different things together, but, as it relates to financial issues and Trey, did I work. We have become enemies, we’re not we’re not making progress, but this was not intended to send a message that President XI is his enemy in the sense of all these different areas, and the other thing I would say is we’re very hopeful that there will be a Humane solution and we’re obviously watching what’s going on their depression, again reiterated he thinks it president. She sat down with the protesters he can get this over with in a few hours. So we’re hopeful that there will be in Hong Kong. Chinese word a Crackdown as they did in 1989 impact on us relations with China. I’M not going to speculate because we’re hoping for the 4 is a a peaceful outcome. I think you know there was a deal with the UK when Hong Kong was transferred over weed weed, expect China to meet that deal. It’S the and it’s something we hope we respect, they respect the laws and they respect what’s going on there, but President Trump is hoping they will be a Humane solution there. I really wanted to first comment on President XI on on on on Powell. I think I don’t think it was a literal comment that he is he’s an enemy, but again you know my position on the FED is that I don’t make specific about the FED I meet with Sherman Powell weekly and as my role as treasury secretary. I don’t. I don’t comment specifically on the Fed people, people investing CEOs when the President says something how seriously, how literally should we take it. I think most of the time you should take it very literally, I think sometimes he said things that are meant to be a joke. Obviously the comment – and it was recently on the chosen one that was that was said, tongue-in-cheek – that wasn’t meant to be a serious. I think most people know the president is serious about China and trade. So people should understand he is very determined he’s trying to correct something. That’S got on for the last 20 years or we have a very unfair trading relationship. That’S been a tremendous disadvantage to us companies and US workers and he’s working hard to rebalance that chairman Powell spoke at that bed conference out in Wyoming on Friday. He said one of the greatest headwinds that he and the economy are facing are the president’s trade policies. It in fact there are a number there are number of signs of strengthen the economy, especially jobs, especially GDP growth, at least solid signs of strength. But there are some concerns that I want to ask you about those growth of business. Investment drop from nine percent last year to 1.4 % now in the manufacturing sector have contracted for the first time since 2009, but they now face and as a company is deciding whether to invest or industrious deciding whether to put my money in the stock market is Uncertainty about Administration policies in the uncertainty – it is a much bigger problem than whether or not the FED should drop interest rates, 100 basis points or 1 %. First comment that the single biggest thing that Everybody’s Talkin about here in France is the US economy is right. Spot of the world we have growth, people are now talking about doing tax cuts and cutting regulations and in Europe. So people are looking at the the Trump economically policies and wanting to replicate them, because that’s the reason we have all this growth she wide say is: the consumer is very, very strong. We’Re seeing that across the board – and the third issue I’d say, is on on these other statistics. I think he got to look at them quarterly, there’s a bunch of volatility. At the end of last year, people worry about the economy, slowing down based upon some numbers, and then the numbers came out in the beginning of this year and it was clear the economy with roaring back and as it relates to uncertainty. There’S only one area and that’s trade, we’re close to having a major in Trent with Japan. We expect to have usmca house in the in the next month or two that’s going to add a significant amount to to us growth in growth in Mexico and in Canada. We had the Korea deal done, there’s three or four other major agreements that Ambassador lighthizer is working on, SO trading relationships are going to add significantly to growth and we’re still somewhat helpful to a fair good deal with us. He just pushed back a little bit on the idea that the only concern is trade, because the president has flipped on a few wishes for infants, Terrace and taxes in recent days, and I want to put some of his country. Three statements does Harris, I’m not being paid for by your people it’s being paid for by China, something that we think about, and a lot of people would like to see. That. secretary administrative has a steady path to keep us out of recession and depression. I guess I have for you is, as the markets open on Monday, after falling 600 points in just a few hours on Friday. What do you have to say to that? Chris? First of all, we don’t see a reception on the horizon. I don’t think the yield curve reflects a recession. I think the yield curve reflects the fact that it anticipates that that is going to lower short-term rates in the in the is already reflected that that’s the first thing, the second thing on tariffs. The reason why the president decided to delay 150 billion of of Tara’s was because us companies had already purchased those goods for holiday and you dollars. So is a very specific situation that had nothing to do with passing on or not passing on. Those have been committed to prior to the terrorist going into effect and that’s something we wanted to do as a relates to Holiday as it relates to prices going forward. We have seen China depreciate their currency. That’S going to mean that a significant amount of the terrorists are paid for by China. We haven’t seen any inflation, yet we haven’t seen prices go up, we will have some captions for the rare circumstances where we have problems and Ambassador lighthizer is running. That’S how I don’t think there is any mischaracterization on the Tariff issue and I’d be happy to comment on the tax issue. If you want to as well time spent better reason for you to come back when you’re back in this country and sit across the dust from us and we’ll have a conversation. And thank you thanks for taking time from the summit to speak with us and we’ll be tracking developments out of Prancer. My pleasure look forward to seeing you soon.
U.S. Treasury Secretary Steven Mnuchin joins Chris Wallace for an exclusive interview on ‘Fox News Sunday.’

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