President Trump is facing sharp rebukes from many sides Friday, following the announcement that U.S. will impose tariffs on $300 billion worth of Chinese imports.
Stocks tumbled Friday, China has said it will retaliate against new tariffs, and trade groups across industries have come out in fierce opposition to the move, which is the latest escalation in the now years-long trade dispute between the U.S. and China.
"We're concerned these additional tariffs will further erode our reputation as a reliable supplier, and our farmers, workers, and consumers will suffer more," Craig Allen, the president of the US-China Business Council, said in a statement.
The announcement of additional tariffs came after two days of seemingly fruitless high-level trade talks in Shanghai. Negotiators included U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, and China's Vice Premier Liu He.
"Unfortunately, it seems that when we take two steps forward, we then take two steps backward," Kip Eideberg, a vice president at the Association of Equipment Manufacturers, told Cheddar Friday.
The sudden escalation sent waves across markets. In the U.S., the Dow, the S&P 500, and the Nasdaq Composite all opened down on Friday. The FTSE 100 Index — better known as the "Footsie" — in London fell by roughly 2.2 percent, and both the Nikkei Index in Tokyo and the Hang Seng Index in Hong Kong closed the day down over 2 percent.
On Thursday, Trump said that a 10 percent tariff would be levied on $300 billion worth of Chinese goods. That would essentially blanket all Chinese imports, which totaled roughly $558 billion in 2018, with tariffs. Trump later told reporters that the established tariffs could be increased beyond 25 percent if progress is not made in negotiations.
"I can always do much more or I can do less, depending on what happens with respect to a deal," Trump said on the White House lawn Thursday after making the announcement. "It can be lifted up to well beyond 25 percent. But we're not looking to do that, necessarily."
In response, the Chinese Foreign Ministry said it "deplores and firmly opposes" the new tariffs, adding that China will take necessary countermeasures to defend its interests.
"We do not want a trade war, but we are not afraid of fighting one," Hua Chunying, a foreign ministry spokesperson, said on Friday. "China does not accept any maximum pressure, threat, or blackmail."
Several trade groups came out in strong opposition to Trump's tariff, arguing that such a strategy ultimately hurts U.S. businesses and consumers.
"These additional tariffs will only threaten U.S. jobs and raise costs for American families on everyday goods," David French, the senior vice president for government relations at the National Retail Federation, said in a statement. "The tariffs imposed over the past year haven't worked, and there's no evidence another tax increase on American businesses and consumers will yield new results."
The Consumer Technology Association (CTA) said that the new tariffs are essentially a tax on American's favorite technology products, stressing that tariffs are paid for by U.S. consumers and not China. "Retaliatory tariffs, whether 10% or 25%, are bad policy," Gary Shapiro, the president and CEO of CTA, said.
Trump, nonetheless, claimed on Thursday said that his strategy is working, claiming that "our people haven't paid … frankly, it hasn't cost our consumer anything; it costs China."
People's Daily, the official Chinese government's newspaper, said in an editorial on Friday that "some American politicians once again found ants in their pants and tried to destroy the potential for cooperation."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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