JUST IN: Dow Jones tumbles more than 600 points as rising tensions between U.S. and China unnerve investors already on edge about the deteriorating world economy.
President Donald Trump declared Friday that he had"hereby ordered" American companies"to immediately start looking" for alternatives to operating in China, hours after Beijing announced new trade sanctions on U.S. products.
The U.S. has said it plans to impose 10% tariffs on $300 billion of Chinese goods in two steps, on Sept. 1 and Dec. 15. On Friday, 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."
Peter Navarro, who advises Trump on trade policy, tried to downplay the impact of Chinese tariff hikes ahead of the meeting. He said they were"well anticipated" and would only strengthen Trump's resolve. Twelve rounds of talks have failed to break the impasse, though more negotiations are expected next month. Chinese leaders have offered to alter details of their policies but are resisting any deal that would require them to give up their aspirations to become a technological powerhouse.China's announced tariff hikes — and Trump's response — is the latest sign that both countries are digging in.
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