Trump said the US 'could cut off the whole relationship' with China as tensions escal | 2020-05-14 22:23:31 (Visits: 680 Times) |  | | President Donald Trump. Associated Press
Business insider
Joseph zeballos-roig 2020-5-14 11 hours ago
President Trump said the US could take the step of ending its relationship with one of its largest trading partners.
"We could cut off the whole relationship," Trump said, adding that the US would save $500 billion as a result.
The administration is weighing several proposals to punish China for its handling of the coronavirus outbreak.
President Donald Trump said the US could take the extraordinary step of ending its relationship with one of the nation's top trading partners as tensions mount between Washington and Beijing amid the pandemic.
"There are many things we could do. We could cut off the whole relationship," Trump said in an interview on Fox Business that aired Thursday. "Now if you did, what would happen? You'd save $500 billion if you cut off the whole relationship."
The president may have been referring to the $557 billion in imports from China in 2018. He also said he was upset with the country for failing to contain the virus, which originated in the Chinese city of Wuhan.
"I'm very disappointed in China," Trump said.
Read more: We surveyed 10 money managers about how they're handling the pandemic. They each shared their favorite hidden gems in the market, surprising trades they're making, and the big bets they can't live without.Such a step would likely inflict drastic damage on the US economy, which relies on a significant amount of trade with China.In recent weeks, Trump has railed against China for its management of the outbreak and ratcheted up his criticism. He said on Wednesday that Beijing could have put a stop to the pandemic, CNN reported. Other Republicans have echoed Trump's combative rhetoric as well.Sen. Lindsay Graham of South Carolina said in April that the US should "make China pay big time."The administration is weighing several proposals to punish China by demanding financial compensation or stripping the country of its "sovereign immunity" to enable lawsuits from the US government and others, The Washington Post reported.Experts say the relationship between the US and China has grown more adversarial because of the trade war and national security issues. The coronavirus pandemic is tipping it further into that direction.Read more: Buy these 13 tech stocks that are abnormally disconnected from Wall Street's expectations for profit growth and poised to rocket higher, Credit Suisse says
CORONAVIRUS LIVE UPDATES 5 hours ago
Latest news
Trump's handling of the pandemic and the economic crisis is endangering the GOP's Senate majority.
'We're the Wild West': Unmasked Wisconsinites crowd bars after the state Supreme Court struck down the governor's stay-at-home order
Coronavirus super-spreader events all have notable similarities — and they reveal the types of gatherings we should avoid for years.
The coronavirus crisis in Iran has opened up an internal fight between the government and its Revolutionary Guard.
Sen. Richard Burr will step down as chairman of the Senate Intelligence Committee while the FBI investigates his stock trades.
Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email covidtips@businessinsider.com and tell us your story.
Get the latest coronavirus business & economic impact analysis from Business Insider Intelligence on how COVID-19 is affecting industries. |
| |
| | |
.png)
.jpg)
