'We were bracing for the worst,' financial analyst Charles Payne said Monday on the Fox News show 'America's Newsroom.'
more than 200 points and the the S&P 500 gained 23 points, while the Nasdaq Composite Index jumped 74 points.
The ongoing trade war between Beijing and Washington began last summer, when President Trump announced tariffs would be imposed on billions of dollars of Chinese imports. China responded in kind, adding tariffs to American goods and taking other retaliatory steps. Although there have been a series of trade talks between top Chinese and American negotiators, as well as face-to-face discussions between Xi and Trump, the trade battle has continued to escalate.
Chinese President Xi Jinping and President Donald Trump attend their bilateral meeting on the sidelines of the G-20 Summit in Osaka, Japan on June 29on some $75 billion of U.S. imports. In response, Trump tweeted:"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. I will be responding to China's Tariffs this afternoon.
Although many have questioned the rationale and legality of such an order, the White House has insisted that the president has the legal authority to make such demand under the 1977 International Emergency Economic Powers Act. If the president were to double-down on the demand, he would almost certainly face significant backlash and numerous court challenges.
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