Stocks Plummet As Donald Trump Escalates Trade War With China, Attacks Fed Chair | Hardball | MSNBC


>>>GOOD EVENING.>>>GOOD EVENING. I’M CHRIS MATTHEWS IN I’M CHRIS MATTHEWS IN WASHINGTON. WASHINGTON. PRESIDENT TRUMP IS ROILING PRESIDENT TRUMP IS ROILING FINANCIAL MARKETS TODAY AROUND FINANCIAL MARKETS TODAY AROUND THE WORLD, ESCALATING HIS TRADE THE WORLD, ESCALATING HIS TRADE WAR WITH CHINA AND ATTACKING THE WAR WITH CHINA AND ATTACKING THE CHAIR OF THE FEDERAL RESERVE. CHAIR OF THE FEDERAL RESERVE. ALL THIS AS HE HEADS OFF TO ALL THIS AS HE HEADS OFF TO HERALD THE STRENGTHS OF THE U.S. HERALD THE STRENGTHS OF THE U.S. ECONOMY AT THE G-7 SUMMIT THIS ECONOMY AT THE G-7 SUMMIT THIS WEEKEND IN FRANCE. WEEKEND IN FRANCE. RESPONDING TO A RETALIATORY MOVE RESPONDING TO A RETALIATORY MOVE BY CHINA EARLIER TODAY, THE BY CHINA EARLIER TODAY, THE PRESIDENT TONIGHT DECLARED HE’S PRESIDENT TONIGHT DECLARED HE’S HIKING TARIFFS ON BEIJING, HIKING TARIFFS ON BEIJING, RAISING EXISTING RATES AS WELL RAISING EXISTING RATES AS WELL AS THOSE SET TO KICK IN NEXT AS THOSE SET TO KICK IN NEXT MONTH. MONTH. IT COMES AFTER CHINA ANNOUNCED IT COMES AFTER CHINA ANNOUNCED THIS MORNING THEY’RE IMPOSING A THIS MORNING THEY’RE IMPOSING A NEW ROUND OF TARIFFS ON $75 NEW ROUND OF TARIFFS ON $75 BILLION WORTH OF AMERICAN GOODS. BILLION WORTH OF AMERICAN GOODS. THE NEWS WAS MET WITH OUTRAGE AT THE NEWS WAS MET WITH OUTRAGE AT THE WHITE HOUSE WHERE THE THE WHITE HOUSE WHERE THE PRESIDENT TOOK TO TWITTER AND PRESIDENT TOOK TO TWITTER AND ATTEMPTED TO ORDER ALL AMERICAN ATTEMPTED TO ORDER ALL AMERICAN COMPANIES TO CUT THEIR TIES WITH COMPANIES TO CUT THEIR TIES WITH CHINA. CHINA. ALL AMERICAN COMPANIES. ALL AMERICAN COMPANIES. NO MORE TRADE WITH CHINA. NO MORE TRADE WITH CHINA. OF COURSE, THAT’S RIDICULOUS. OF COURSE, THAT’S RIDICULOUS. TRUMP TWEETED WE DON’T NEED TRUMP TWEETED WE DON’T NEED CHINA AND FRANKLY WE WOULD BE CHINA AND FRANKLY WE WOULD BE BETTER OFF WITHOUT THEM. BETTER OFF WITHOUT THEM. OUR GREAT AMERICAN COMPANIES ARE OUR GREAT AMERICAN COMPANIES ARE HEREBY ORDERS TO IMMEDIATELY HEREBY ORDERS TO IMMEDIATELY START LOOKING FOR AN ALTERNATIVE START LOOKING FOR AN ALTERNATIVE TO CHINA INCLUDING BRINGING YOUR TO CHINA INCLUDING BRINGING YOUR COMPANIES HOME AND MAKING YOUR COMPANIES HOME AND MAKING YOUR PRODUCTS IN THE USA. PRODUCTS IN THE USA. THAT’S THE PRESIDENT THIS THAT’S THE PRESIDENT THIS MORNING TRUMPETING POWERS HE MORNING TRUMPETING POWERS HE DOESN’T POSZ. DOESN’T POSZ. HOWEVER, “THE WASHINGTON POST” HOWEVER, “THE WASHINGTON POST” POINTS OUT THE WHITE HOUSE DOES POINTS OUT THE WHITE HOUSE DOES NOT HAVE THE AUTHORITY TO FORCE NOT HAVE THE AUTHORITY TO FORCE COMPANIES TO FOLLOW SUCH COMPANIES TO FOLLOW SUCH DIRECTIVES AS THAT. DIRECTIVES AS THAT. ACCORDING TO THE CENSUS BUREAU, ACCORDING TO THE CENSUS BUREAU, THE UNITED STATES HAS $380 THE UNITED STATES HAS $380 BILLION TRADE DEFICIT WITH CHINA BILLION TRADE DEFICIT WITH CHINA IN 2018. IN 2018. A DEFICIT THAT APPEARS TO BE A DEFICIT THAT APPEARS TO BE INCREASING THIS YEAR. INCREASING THIS YEAR. TRUMP’S TWEETING IGNITED A TRUMP’S TWEETING IGNITED A SELLOFF ON WALL STREET. SELLOFF ON WALL STREET. THE DOW THAT HAD BEEN IN THE DOW THAT HAD BEEN IN POSITIVE TERRITORY, PLUNGED AND POSITIVE TERRITORY, PLUNGED AND WENT DOWN 623 POINTS IN ONE DAY. WENT DOWN 623 POINTS IN ONE DAY. IT REMAINS NEAR ITS AVERAGE FOR IT REMAINS NEAR ITS AVERAGE FOR THE SUMMER. THE SUMMER. EARLIER TODAY, THE PRESIDENT EARLIER TODAY, THE PRESIDENT APPEARED TO JOKE ABOUT THE APPEARED TO JOKE ABOUT THE MARKET’S DECLINE, SAYING THE DOW MARKET’S DECLINE, SAYING THE DOW IS DOWN, PERHAPS ON THE NEWS IS DOWN, PERHAPS ON THE NEWS THAT REPRESENTATIVE SETH MOULTON THAT REPRESENTATIVE SETH MOULTON MOULTON, HOWEVER THAT MAY BE, MOULTON, HOWEVER THAT MAY BE, HAS DROPPED OUT OF THE 2020 HAS DROPPED OUT OF THE 2020 PRESIDENTIAL RACE. PRESIDENTIAL RACE. WHAT A CARD. WHAT A CARD. ALL THIS COMES AFTER FED CHAIR ALL THIS COMES AFTER FED CHAIR JEROME POWELL SAID THIS MORNING JEROME POWELL SAID THIS MORNING THE TRADE POLICY UNCERTAINTY THE TRADE POLICY UNCERTAINTY SEEMS TO BE PLAYING A ROLE IN SEEMS TO BE PLAYING A ROLE IN THE GLOBAL SLOWDOWN. THE GLOBAL SLOWDOWN. HIS SPEECH, WHICH WAS INTENDED HIS SPEECH, WHICH WAS INTENDED TO REASSURE MARKETS, INSTEAD TO REASSURE MARKETS, INSTEAD PROMPTED AN ATTACK FROM THE PROMPTED AN ATTACK FROM THE PRESIDENT. PRESIDENT. QUOTE, AS USUAL, THE FED DID QUOTE, AS USUAL, THE FED DID NOTHING. NOTHING. IT IS INCREDIBLE THAT THEY CAN IT IS INCREDIBLE THAT THEY CAN SPEAK WITHOUT KNOWING OR ASKING SPEAK WITHOUT KNOWING OR ASKING WHAT I AM DOING. WHAT I AM DOING. WHICH WILL BE ANNOUNCED SHORTLY. WHICH WILL BE ANNOUNCED SHORTLY. WE HAVE A VERY STRONG DOLLAR AND WE HAVE A VERY STRONG DOLLAR AND A VERY WEAK FED. A VERY WEAK FED. AND THEN IN A STUNNING MOVE, THE AND THEN IN A STUNNING MOVE, THE PRESIDENT ADDED, MY ONLY PRESIDENT ADDED, MY ONLY QUESTION IS, WHO IS OUR BIGGER QUESTION IS, WHO IS OUR BIGGER ENEMY, JAY POWELL OR CHAIRMAN XI ENEMY, JAY POWELL OR CHAIRMAN XI OF CHINA? OF CHINA? I’M JOINED BY BEN RHODES, FORMER I’M JOINED BY BEN RHODES, FORMER DEPUTY NATIONAL SECURITY ADVISER DEPUTY NATIONAL SECURITY ADVISER TO PRESIDENT OBAMA. TO PRESIDENT OBAMA. JILL CORBEN, AND MICHAEL FROMAN, JILL CORBEN, AND MICHAEL FROMAN, A FORMER U.S. TRADE REP IN THE A FORMER U.S. TRADE REP IN THE OBAMA ADMINISTRATION. OBAMA ADMINISTRATION. THIS IS GOING TO BE VERY THIS IS GOING TO BE VERY POWERFUL. POWERFUL. LET’S TALK ABOUT — I’M A BIG LET’S TALK ABOUT — I’M A BIG BELIEVER THAT THE TRADE DEFICIT BELIEVER THAT THE TRADE DEFICIT WITH CHINA HAS TO BE DEALT WITH WITH CHINA HAS TO BE DEALT WITH BECAUSE CHINA KEEPS MAKING MONEY BECAUSE CHINA KEEPS MAKING MONEY OFF US, WHICH THEY DO BY SELLING OFF US, WHICH THEY DO BY SELLING US GREAT GOODS, NO DOUBT ABOUT US GREAT GOODS, NO DOUBT ABOUT IT, WE LOVE THEIR STUFF. IT, WE LOVE THEIR STUFF. ESPECIALLY THEIR COTTON GOODS ESPECIALLY THEIR COTTON GOODS AND ALL THAT STUFF, BUT THEY USE AND ALL THAT STUFF, BUT THEY USE ALL THAT EXCHANGE THEY BET FROM ALL THAT EXCHANGE THEY BET FROM US TO BUY THE REST OF THE WORLD, US TO BUY THE REST OF THE WORLD, ESPECIALLY AFRICA. ESPECIALLY AFRICA. I DON’T LIKE IT, BEN. I DON’T LIKE IT, BEN. YOUR THOUGHTS ABOUT WHAT SHOULD YOUR THOUGHTS ABOUT WHAT SHOULD WE BE DOING IF NOT THIS? WE BE DOING IF NOT THIS? BUT LET’S START WITH TRUMP. BUT LET’S START WITH TRUMP. WHAT’S HE DOING? WHAT’S HE DOING? WHAT’S HE UP TO? WHAT’S HE UP TO?>>THE PROBLEM IS HE DOESN’T>>THE PROBLEM IS HE DOESN’T REALLY KNOW WHAT HE’S DOING, REALLY KNOW WHAT HE’S DOING, CHRIS. CHRIS. HE’S GOTTEN INTO THIS, AND THE HE’S GOTTEN INTO THIS, AND THE ONLY PLAY HE’S HAD IS TO ONLY PLAY HE’S HAD IS TO ESCALATE THIS TRADE WAR WITH THE ESCALATE THIS TRADE WAR WITH THE CHINESE. CHINESE. I DON’T THINK ANYBODY KNOWS I DON’T THINK ANYBODY KNOWS WHERE THIS IS LEADING. WHERE THIS IS LEADING. AND THE CHINESE HAVE CLEARLY AND THE CHINESE HAVE CLEARLY DECIDED TO DIG IN AND TO MATCH DECIDED TO DIG IN AND TO MATCH HIM MOVE FOR MOVE. HIM MOVE FOR MOVE. AND THE RISK IS THAT HE’S NOT AND THE RISK IS THAT HE’S NOT ONLY RAISING PRICES ON ONLY RAISING PRICES ON AMERICANS, HURTING AMERICAN AMERICANS, HURTING AMERICAN SECTORS LIKE THE AGRICULTURAL SECTORS LIKE THE AGRICULTURAL SECTOR, BUT HE’S DRAGGING DOWN SECTOR, BUT HE’S DRAGGING DOWN THE ENTIRE GLOBAL ECONOMY. THE ENTIRE GLOBAL ECONOMY. THE WAY TO DO THIS, IF YOU THE WAY TO DO THIS, IF YOU WANTED TO STAND UP TO CHINA’S WANTED TO STAND UP TO CHINA’S UNFAIR TRADE PRACTICES, IF YOU UNFAIR TRADE PRACTICES, IF YOU WANTED TO STAND UP FOR AMERICAN WANTED TO STAND UP FOR AMERICAN WORKERS AND BUSINESSES, IS NOT WORKERS AND BUSINESSES, IS NOT TO ALIENATE THE UNITED STATES TO ALIENATE THE UNITED STATES FROM THE REST OF THE WORLD AND FROM THE REST OF THE WORLD AND TAKE ON THE CHINESE ALONE. TAKE ON THE CHINESE ALONE. IT WOULD BE TO RALLY ALL OF OUR IT WOULD BE TO RALLY ALL OF OUR ALLIES, THE PEOPLE HE’S SEEING ALLIES, THE PEOPLE HE’S SEEING AT THE G MF 7, THE COUNTRIES WE AT THE G MF 7, THE COUNTRIES WE NEGOTIATED WITH, THAT MIKE NEGOTIATED WITH, THAT MIKE FROMAN NEGOTIATED WITH, SO WE FROMAN NEGOTIATED WITH, SO WE HAVE A UNITED FRONT WITH OTHER HAVE A UNITED FRONT WITH OTHER COUNTRIES TO GO TO THE CHINESE COUNTRIES TO GO TO THE CHINESE AND SAY YOU NEED TO CUT OUT YOUR AND SAY YOU NEED TO CUT OUT YOUR THEFT OF INTELLECTUAL PROPERTY. THEFT OF INTELLECTUAL PROPERTY.>>HAS — BEN, HAS ANYONE BEEN>>HAS — BEN, HAS ANYONE BEEN ABLE TO DO THAT, GET THE WORLD ABLE TO DO THAT, GET THE WORLD TO TAKE ON CHINA, BECAUSE TO TAKE ON CHINA, BECAUSE THEY’RE THE BIG MONSTER? THEY’RE THE BIG MONSTER? HAS ANY PRESIDENT, INCLUDING HAS ANY PRESIDENT, INCLUDING OBAMA, BEEN ABLE TO DO THAT? OBAMA, BEEN ABLE TO DO THAT?>>WELL, CHRIS, UNFORTUNATELY,>>WELL, CHRIS, UNFORTUNATELY, WE WERE BUILDING UP TO THAT TYPE WE WERE BUILDING UP TO THAT TYPE OF CAPACITY. OF CAPACITY. THE TRADE AGREEMENT THAT WE THE TRADE AGREEMENT THAT WE NEGOTIATED, THE TRANSPACIFIC NEGOTIATED, THE TRANSPACIFIC PARTNERSHIP, WITH A NUMBER OF PARTNERSHIP, WITH A NUMBER OF THE LEADING ASIA PACIFIC THE LEADING ASIA PACIFIC ECONOMIES, WAS MEANT TO GIVE ECONOMIES, WAS MEANT TO GIVE PRESIDENT OF THE UNITED STATES PRESIDENT OF THE UNITED STATES GREATER LEVERAGE FOR THAT TYPE GREATER LEVERAGE FOR THAT TYPE OF CONFRONTATION. OF CONFRONTATION. I THINK WHAT YOU NEED TO DO — I THINK WHAT YOU NEED TO DO –>>YOU’RE SO RIGHT.>>YOU’RE SO RIGHT. BUT HILLARY WOULDN’T GO ALONG BUT HILLARY WOULDN’T GO ALONG WITH IT. WITH IT.>>THAT WAS A MISTAKE BY>>THAT WAS A MISTAKE BY HILLARY. HILLARY. AND FRANKLY, I THINK THE AND FRANKLY, I THINK THE DEMOCRATS HAVE TO LEARN, TOO, DEMOCRATS HAVE TO LEARN, TOO, CHRIS, LOOK, IT’S NOT JUST ABOUT CHRIS, LOOK, IT’S NOT JUST ABOUT FREE TRADE. FREE TRADE. IT’S ABOUT TRADE AGREEMENTS THAT IT’S ABOUT TRADE AGREEMENTS THAT CAN WORK FOR AMERICAN BUSINESSES CAN WORK FOR AMERICAN BUSINESSES AND WORKERS. AND WORKERS. TRADE AGREEMENTS THAT ARE MORE TRADE AGREEMENTS THAT ARE MORE PROGRESSIVE. PROGRESSIVE. IF VOTERS ARE LOOKING FOR IF VOTERS ARE LOOKING FOR SOMEONE WHOS’S GOING TO TEAR UP SOMEONE WHOS’S GOING TO TEAR UP TRADE AGREEMENTS, THEY THAT HAVE TRADE AGREEMENTS, THEY THAT HAVE IN DONALD TRUMP. IN DONALD TRUMP. I THINK DEMOCRATS CAN AFFORD A I THINK DEMOCRATS CAN AFFORD A DIFFERENT ALLEY. DIFFERENT ALLEY.>>BEN, YOU’RE THE BEST.>>BEN, YOU’RE THE BEST. I’M NOT GETTING INTO THE CLINTON I’M NOT GETTING INTO THE CLINTON WAR BECAUSE THERE WAS AN WAR BECAUSE THERE WAS AN INTERESTING WAR, BECAUSE BILL INTERESTING WAR, BECAUSE BILL CLINTON, I WAS IN TOKYO WHEN HE CLINTON, I WAS IN TOKYO WHEN HE SAID HE THOUGHT IT WAS A SAID HE THOUGHT IT WAS A FABULOUS AGREEMENT, THE TTP. FABULOUS AGREEMENT, THE TTP. AND YOU KNOW POLITICS IN THIS AND YOU KNOW POLITICS IN THIS COUNTRY. COUNTRY. HILLARY CAME OUT AGAINST IT. HILLARY CAME OUT AGAINST IT. I KNOW HOW POLITICS WORK. I KNOW HOW POLITICS WORK. LET’S GO TO YOU. LET’S GO TO YOU. YOU’RE WITH THE ASSOCIATED YOU’RE WITH THE ASSOCIATED PRESS. PRESS. TELL ME, DOES TRUMP JUST GET TELL ME, DOES TRUMP JUST GET PETULANT? PETULANT? OR DOES HE HAVE A STRATEGY TO OR DOES HE HAVE A STRATEGY TO REALLY TAKE ON CHINA? REALLY TAKE ON CHINA? SOMEBODY HAS TO TAKE ON CHINA. SOMEBODY HAS TO TAKE ON CHINA.>>THE PRESIDENT HAS BEEN SAYING>>THE PRESIDENT HAS BEEN SAYING NOW FOR DECADES CHINA HAS BEEN NOW FOR DECADES CHINA HAS BEEN RIPPING THE U.S. OFF. RIPPING THE U.S. OFF.>>THEY ARE.>>THEY ARE.>>AS HE STOOD THERE AS WE SAW>>AS HE STOOD THERE AS WE SAW ON THE SOUTH LAWN AND SUMMONED ON THE SOUTH LAWN AND SUMMONED THE SKY AND SAID HE HAD BEEN THE SKY AND SAID HE HAD BEEN APPOINTED, HE WAS THE CHOSEN ONE APPOINTED, HE WAS THE CHOSEN ONE TO TAKE ON CHINA. TO TAKE ON CHINA. HE DOES FEEL LIKE CHINA IS HE DOES FEEL LIKE CHINA IS RIPPING US OFF. RIPPING US OFF.>>DOES ANYONE DISAGREE WITH>>DOES ANYONE DISAGREE WITH THAT PREMISE THAT SOMEBODY HAS THAT PREMISE THAT SOMEBODY HAS TO DO IT? TO DO IT?>>I THINK THAT’S A PRETTY –>>I THINK THAT’S A PRETTY — EVEN AS THE TPP AGREEMENT WAS EVEN AS THE TPP AGREEMENT WAS TRYING TO ADDRESS, ABSOLUTELY. TRYING TO ADDRESS, ABSOLUTELY. AND SO HE BELIEVED HE IS THE ONE AND SO HE BELIEVED HE IS THE ONE TO DO THIS, AND THAT IT MAKES TO DO THIS, AND THAT IT MAKES SENSE FOR HIM TO RISK SOME SENSE FOR HIM TO RISK SOME POTENTIAL ECONOMIC HARDSHIP IN POTENTIAL ECONOMIC HARDSHIP IN ORDER TO GET THAT DONE, IN ORDER ORDER TO GET THAT DONE, IN ORDER TO SEEM STRONG, BUT THE PROBLEM TO SEEM STRONG, BUT THE PROBLEM IS THE WAY HE’S BEEN DOING THIS IS THE WAY HE’S BEEN DOING THIS HAS CREATED THE ECONOMIC RIPPLE HAS CREATED THE ECONOMIC RIPPLE EFFECTS ACROSS THE GLOBE THAT EFFECTS ACROSS THE GLOBE THAT REALLY ARE NOW THREATENING HIS REALLY ARE NOW THREATENING HIS RE-ELECTION CHANCES. RE-ELECTION CHANCES.>>EARLIER THIS MORNING, PETER>>EARLIER THIS MORNING, PETER NAVARRO SAID CHINA’S LATEST NAVARRO SAID CHINA’S LATEST ROUND OF TARIFFS SHOULDN’T ROUND OF TARIFFS SHOULDN’T AFFECT FINANCIAL MARKETS. AFFECT FINANCIAL MARKETS.>>$75 BILLION WORTH OF TARIFFS>>$75 BILLION WORTH OF TARIFFS IN TERMS OF, WHAT, THE COMBINED IN TERMS OF, WHAT, THE COMBINED $30 TRILLION ECONOMY IS NOT $30 TRILLION ECONOMY IS NOT SOMETHING FOR THE STOCK MARKET SOMETHING FOR THE STOCK MARKET TO WORRY ABOUT. TO WORRY ABOUT. AND WE’RE COOL HERE. AND WE’RE COOL HERE.>>HOW CAN YOU BEAT THE CHINESE?>>HOW CAN YOU BEAT THE CHINESE? IT’S A COMMAND ECONOMY. IT’S A COMMAND ECONOMY. A COMMAND SOCIETY. A COMMAND SOCIETY. XI IS THE BOSS. XI IS THE BOSS. HE CAN DO THIS STUFF THAT TRUMP HE CAN DO THIS STUFF THAT TRUMP THINKS HE CAN DO. THINKS HE CAN DO. TELL AMERICAN COMPANIES THEY TELL AMERICAN COMPANIES THEY CAN’T TRADE WITH CHINA. CAN’T TRADE WITH CHINA. HOW DO YOU BEAT THEM? HOW DO YOU BEAT THEM?>>I THINK YOU ORGANIZE ALL YOUR>>I THINK YOU ORGANIZE ALL YOUR LIKE-MINDED COMPANIES. LIKE-MINDED COMPANIES. EUROPE, JAPAN, MAJOR EMERGING EUROPE, JAPAN, MAJOR EMERGING ECONOMIES TO PUT PRESSURE ON ECONOMIES TO PUT PRESSURE ON CHINA ON ISSUES THAT ARE OUT CHINA ON ISSUES THAT ARE OUT THERE, INCLUDING OVERCAPACITY. THERE, INCLUDING OVERCAPACITY. THAT’S WHAT WE WERE DOING AT THE THAT’S WHAT WE WERE DOING AT THE END OF THE OBAMA ADMINISTRATION. END OF THE OBAMA ADMINISTRATION. YOU ORGANIZE THE COUNTRIES IN YOU ORGANIZE THE COUNTRIES IN THE REGION TO SET HIGHER THE REGION TO SET HIGHER STANDARDS AND RULES FOR TRADE STANDARDS AND RULES FOR TRADE THAT CHINA WILL BE FORCED TO THAT CHINA WILL BE FORCED TO COMPETE WITH, AND YOU USE ALL COMPETE WITH, AND YOU USE ALL THE TOOLS AT YOUR DISPOSAL TO THE TOOLS AT YOUR DISPOSAL TO HOLD CHINA FOR ACCOUNT. HOLD CHINA FOR ACCOUNT.>>YOU THINK CHINA CAN BE BEATEN>>YOU THINK CHINA CAN BE BEATEN IN THIS WAR? IN THIS WAR? THE WAY THEY’RE GOING, THEY WILL THE WAY THEY’RE GOING, THEY WILL BEAT US. BEAT US.>>I THINK THEY HAVE A STRATEGY>>I THINK THEY HAVE A STRATEGY THEY’RE EXECUTING ON WELL. THEY’RE EXECUTING ON WELL. I THINK IT’S IMPORTANT FOR US TO I THINK IT’S IMPORTANT FOR US TO ALSO HAVE A STRATEGY, INCLUDING ALSO HAVE A STRATEGY, INCLUDING A DOMESTIC STRATEGY AROUND A DOMESTIC STRATEGY AROUND INVESTING AND RESEARCH AND INVESTING AND RESEARCH AND TECHNOLOGY, LIFELONG LEARNING, TECHNOLOGY, LIFELONG LEARNING, ALL THE THINGS WE NEED, WHETHER ALL THE THINGS WE NEED, WHETHER IT’S TRADE OR TECHNOLOGY, THAT’S IT’S TRADE OR TECHNOLOGY, THAT’S GOING TO AFFECT THE AMERICAN GOING TO AFFECT THE AMERICAN WORKER. WORKER. WE HAVE TO MAKE SURE THE AMERICA WE HAVE TO MAKE SURE THE AMERICA AMERICAN WORKER CAN SUCCEED. AMERICAN WORKER CAN SUCCEED.>>ARE WE BETTER THAN THEY IN>>ARE WE BETTER THAN THEY IN INNOVATION? INNOVATION? CAN WE WIN THAT WAR? CAN WE WIN THAT WAR? WE CAN’T WIN IN POPULATION. WE CAN’T WIN IN POPULATION. THEY OUTPOPULATE US. THEY OUTPOPULATE US.>>WE HAVE GREAT UNIVERSITIES.>>WE HAVE GREAT UNIVERSITIES.>>MOST OF THE GREAT>>MOST OF THE GREAT UNIVERSITIES ARE HERE. UNIVERSITIES ARE HERE.>>WE’RE A LEADER IN INNOVATION,>>WE’RE A LEADER IN INNOVATION, BUT THEY’RE ALSO CATCHING UP BUT THEY’RE ALSO CATCHING UP QUITE A BIT IN A NUMBER OF QUITE A BIT IN A NUMBER OF AREAS. AREAS. ACCORDING TO SOME, AHEAD OF US ACCORDING TO SOME, AHEAD OF US IN SOME AREAS. IN SOME AREAS. WE SHOULDN’T BE COMPLACENT ABOUT WE SHOULDN’T BE COMPLACENT ABOUT IT. IT. WE HAVEN’T INVESTED IN THE SAME WE HAVEN’T INVESTED IN THE SAME WAY DOMESTICALLY AS THEY HAVE. WAY DOMESTICALLY AS THEY HAVE.>>WHY DON’T WE BUY ANYTHING>>WHY DON’T WE BUY ANYTHING FROM VIETNAM? FROM VIETNAM?>>WE ARE BUYING A CERTAIN>>WE ARE BUYING A CERTAIN AMOUNT. AMOUNT.>>WOULDN’T THAT SCREW THE>>WOULDN’T THAT SCREW THE CHINESE IF WE SAID WE’RE GOING CHINESE IF WE SAID WE’RE GOING TO BUY STUFF FROM VIETNAM NOW? TO BUY STUFF FROM VIETNAM NOW?>>CHINA IS THE SECOND LARGEST>>CHINA IS THE SECOND LARGEST ECONOMY, THE FIRSTEST LARGEST ECONOMY, THE FIRSTEST LARGEST CONSUMER ECONOMY. CONSUMER ECONOMY. IT’S IMPORTANT FOR OUR WORKERS IT’S IMPORTANT FOR OUR WORKERS AND FARMERS TO HAVE ACCESS TO AND FARMERS TO HAVE ACCESS TO THAT MARKET. THAT MARKET. GETTING MARKET ACCESS, LEVELING GETTING MARKET ACCESS, LEVELING THE PLAYING FIELD, HAVING FAIR THE PLAYING FIELD, HAVING FAIR TRADE WITH THEM IS IMPORTANT. TRADE WITH THEM IS IMPORTANT. I THINK THE PRESIDENT HAS I THINK THE PRESIDENT HAS CREATED A CERTAIN AMOUNT OF CREATED A CERTAIN AMOUNT OF LEVERAGE IN HIS INITIAL LEVERAGE IN HIS INITIAL THREATENING OF PUTTING TARIFFS THREATENING OF PUTTING TARIFFS ON. ON. YOU HAVE TO TRANSLATE TO ACTUAL YOU HAVE TO TRANSLATE TO ACTUAL AGREEMENTS. AGREEMENTS. THAT’S THE HARD PART. THAT’S THE HARD PART. IT’S EASY TO IMPOSE TARIFFS. IT’S EASY TO IMPOSE TARIFFS. IT’S HARD TO TAKE THEM OFF. IT’S HARD TO TAKE THEM OFF. ONCE TARIFFS ARE IN PLACE FOR A ONCE TARIFFS ARE IN PLACE FOR A WHILE, PEOPLE GET USED TO THEM. WHILE, PEOPLE GET USED TO THEM.>>LET ME GET BACK TO BEN.>>LET ME GET BACK TO BEN. I THINK WE OUGHT TO FIGHT WITH I THINK WE OUGHT TO FIGHT WITH CHINA. CHINA. TRUMP MAY BE DOING IT THE WRONG TRUMP MAY BE DOING IT THE WRONG WAY. WAY. THE CULTURE IS SO LONG TERM. THE CULTURE IS SO LONG TERM. THEIR INDIFFERENCE CURVE IS SO THEIR INDIFFERENCE CURVE IS SO LONG. LONG. THEY’LL TAKE EONS TO GET WHAT THEY’LL TAKE EONS TO GET WHAT THEY WANT TO GET. THEY WANT TO GET. LET ME ASK YOU ABOUT A FIGHT LET ME ASK YOU ABOUT A FIGHT THAT SEEMS TO BE STUPID. THAT SEEMS TO BE STUPID. WHY IS HE ATTACKING HIS FED WHY IS HE ATTACKING HIS FED CHAIRMAN SO PUBLICLY? CHAIRMAN SO PUBLICLY? DOES HE THINK HE CAN GET LOWER DOES HE THINK HE CAN GET LOWER RATES AND HELP THE ECONOMY GET RATES AND HELP THE ECONOMY GET SOME MORE SOUP IN IT IF HE JUST SOME MORE SOUP IN IT IF HE JUST BASHES THIS GUY EVERY DAY ON BASHES THIS GUY EVERY DAY ON TELEVISION? TELEVISION?>>NO, CHRIS.>>NO, CHRIS. HERE’S WHAT I THINK IS GOING ON. HERE’S WHAT I THINK IS GOING ON. RIGHT. RIGHT. WE ARE POTENTIALLY HEADING INTO WE ARE POTENTIALLY HEADING INTO AN ECONOMIC DOWNTURN, AN ECONOMIC DOWNTURN, POTENTIALLY A RECESSION BECAUSE POTENTIALLY A RECESSION BECAUSE OF THE RECKLESS LEADERSHIP OF OF THE RECKLESS LEADERSHIP OF DONALD TRUMP. DONALD TRUMP. THE TOOLS YOU WOULD HAVE IN THE TOOLS YOU WOULD HAVE IN PLACE TO TRY TO STIMULATE AN PLACE TO TRY TO STIMULATE AN ECONOMY, WE DON’T HAVE THOSE IN ECONOMY, WE DON’T HAVE THOSE IN PLACE BECAUSE DONALD TRUMP GAVE PLACE BECAUSE DONALD TRUMP GAVE AWAY A TRILLION DOLLARS IN HIS AWAY A TRILLION DOLLARS IN HIS TAX BILL, LARGELY IN CORPORATE TAX BILL, LARGELY IN CORPORATE TAX CUTS, TAX CUTS TO THE TAX CUTS, TAX CUTS TO THE WEALTHY. WEALTHY. THE FED ALREADY HAS LOW RATES. THE FED ALREADY HAS LOW RATES. DONALD TRUMP IS LOOKING FOR DONALD TRUMP IS LOOKING FOR OTHER PEOPLE TO BLAME IF THE OTHER PEOPLE TO BLAME IF THE RECESSION COMES, THE DOWNTURN RECESSION COMES, THE DOWNTURN COMES BEFORE HIS ELECTION. COMES BEFORE HIS ELECTION. SO HE’S SET UP THE FED. SO HE’S SET UP THE FED. HE’S SET UP XI JINPING.

100 Replies to “Stocks Plummet As Donald Trump Escalates Trade War With China, Attacks Fed Chair | Hardball | MSNBC”

  1. So just spend more money to buy from EU or Japan, will we be better off?? I just don't get it. I see Chinese products helped US to stay stronger last 30 years. I think Trump just picked China to instead of Russia.

  2. The stark reality is that there is no such thing as intellectual property! Anyone can have a thought and others may adopt that thought but no one can own a thought. Thoughts and ideas are not property! –This whole issue is a feeble-minded attempt of Corporations and the Billionaires to own and control everything as they are always trying to do. Once an idea is released into the public domain it becomes public knowledge and public knowledge is public property.

    Now, the right way to discourage American consumers and corporations from doing business with China would be to first bring back all the manufactures and all the Jobs by penalizing American corporations with higher taxes and legislation against outsourcing while at the same time offering tax credits and government contracts to manufacturers and corporations who re-industrialize the nation. Once the nation has been re-industrialized and all the missing jobs have returned then the president might impose tariffs on Chinese imports and people will buy American! Consumers will then have a viable alternative to doing business with China! You see, we must simply reverse engineer the trade crisis which is to say that we must dismantle the problem in the reverse order that we put it together.

  3. Will Trump nationalize the US economy?
    Don't the Republicants like free trade and free market anymore?
    Moscow Mitch must be getting rich off his new Russian oligarch boyfriend and his aluminum deal. Standing by the wayside stuffing his pockets while the US dies a slow death

  4. Chris doesnt seem well. He always speaks incredibly loudly but here he also seems to struggling with his breath and concentration as well as keeps interupting😕He seems stressed somehow. I hope he is ok.

  5. Hey! Wait a minute. The U.S. AGREED to give technology and product knowledge to China so that China could build products cheaper for U.S. consumers. Nobody stole anything. Remember, You guys agreed. Don't rewrite history

  6. Americans made their choices EVERYDAY by purchasing the cheapest thing for decades rather than buying quality American made products . WE've financed our own job losses .

  7. WHY IS THIS GUY BLAMING CHINE FOR INVESTING IN AFRICA? China is investing in Africa because they know what Africa has and they don't look at Africa as a dark continent as America does nor do they want to interfere in the political affairs of Africans. China just wants to trade and do her best to stay away on African politics, they don't need to install a puppet regime in Africa as White western supremacists government always does as France does to all its former African colonies. Chine does not promote wars or planned an invasion of some African country as America always does. Look at America, France and Britain did to Libya, just made up lies and destroyed the country that used to have the highest standard of Living, high than some Europen countries at the time. You turned it into a rate hole.
    The only thing America does for Africa is want to build some military base somewhere in Africa. And your entertainment industry Hollywood always portrays Africa as these backward 16th-century dark continent full of wars and diseases. Always negative, negative to entertain yourselves just to make sure that African Americans would have no desire to connect themselves to their root in Africa.
    Thankfully A lot of African Americans started opening their eyes and ears thanks to the internet and now a lots African Americans are visiting the continent of Africa
    Just this year the Government of Ghana MARKED 2019 AS YERAR OF THE RETURN – encouraging Africans in the diaspora to visit the continent.
    If you go to Africa, you would see cars made in Japan. Europe and other places but once in a while you might see an American car and it mostly is driven by an American diplomat or some government representative. THE QUESTION IS, WHY ARE AMERICAN COMPANIES NOT INVESTING AFRICA? BECAUSE AMERICANS HAVE ALWAYS LOOKED DOWN ON THE CONTINENT, THIS IS WHY CHINA IS BENEFITING TODAY IN AFRICA. INDIA NOW WANT TO FOLLOW THE WAY OF CHINA
    https://www.youtube.com/watch?v=QlmZu_FblNY

  8. if your income is 178 a month and you spend 559 a month it looks like you have a spending problem. and that is not Walmart problem LOL it is yours

  9. So what is it that China has done???? no one has been able to tell me……You say they have stolen IP yet when I ask what was stolen no one knows……You say they have stolen trillions of dollars and when I ask how no one can tell me…..so please educate me with FACTS not BS

  10. Trump will bankrupt the US's and the world's economies. Claiming himself the best negotiator are all lies to make him appear strong, when he is the weakest. What a disgrace.

  11. china can wait and in no hurry, chinese are not afraid of problem American should be nice and get into chinese market.

  12. no really great, the greatest the best of all time mental illness better than Kim's no one does mental illness better then trump, trouble is he knows the codes for the big red button, hopefully it's not connected or they gave him the wrong codes, but don't tell he might just try one!

  13. So will MSNBC stop telling lies about and slandering the policy ideas of progressive politicians? Or will it help enable another four years of the Bozo Fascist?

  14. Trump is forgetting about America National Debt. If the debt don't get taken care of the economy will collapsed. America will be broke and bankrupt. Also alot of jobs over the years has been closing down and laying off hundreds and thousands of employees. Alot of jobs do not give enough hours. Alot of jobs are work more, less hours with less paid. New jobs are not everywhere in America.

  15. Hey old fart don’t blame others for you loss cause it’s all on you people are staring to hate you so you might as wall leave and go climb up to your pewter tower of carp

  16. Congress has the constitutional authority to regulate trade. Congress is content to allow Trump to impose unilateral taxes on all consumers to pay for the tax break they gave the billionaires and all the loot they are shoveling to the military contractors for their useless products.

  17. percentage drop in the stock market as a percentage was small, especially as fickle as the market has always been. What is soooo sad is how these Democrats are in love with the idea of a US economic disaster where middle American families will be hurt bad. Pay attention to the narrative that these idiots want to invent, regardless of who gets hurt by it!!

  18. We need to stop buying Chinese products because we the common folks are the ones being affected of this bs trade war. Lets make our products and forget about china. Theres more countries that we can buy from.

  19. ITS FUNNY HOW AMERICA IS SO DIVIDED. SOME AMERICANS ACTUALLY WANT TRUMP TO FAIL. IMAGINE IF HE GETS FULL FAIR ACCESS TO CHINAS GROWING MIDDLE CLASS ? IT WOULD BE GREAT FOR AMERICAN COMPANIES. IT LOOKS LIKE MOST AMERICANS ARE OKAY WITH BEING SURPASSED BY CHINA. MOST AMERICANS ARE OKAY WITH CHINA STEALING YOUR HARD EARNED AND TECHNOLOGY AND KNOCKING IT OFF. AMERICANS ARE OKAY WITH CHINA TAKING OVER THE WORLD MILITARILY AND ECONOMICALLY. GO AHEAD. VOTE TRUMP OUT. YOU WILL LEARN THE HARD WAY. THEN YOU WILL REALIZE WHAT TRUMP WAS TRYING TO ACCOMPLISH.

  20. there always been ups and downs with the market,lock up the deep state dems, how long are going to give in to china and the dems

  21. Haven't you heard? The stock market numbers are all Fake News!!!!! Remember this when you go to the grocery store and spend a fortune of your fake money on fake food.

  22. The IEEPA power only applies under conditions that qualify as a "National Emergency" (Iranian takeover of the US embassy and taking hostages) or an "Unusual and extraordinary threat". Since this entire situation is 100% of Trumps doing and was completely avoidable, it most certainly does not apply. Using powers under the IEEPA to deal with a personal temper tantrum of Trump's is beyond pathetic.

  23. Dow Jones 8/24/2019 25,628.90 Dow Jones 8/24/2018 25,656.98 Dow Jones 8/24/2017 21,783.40. You got to love the MSM for spreading doom and gloom.

  24. When you allow all your corperations make china the manufacturing capital of the world don't be surprised when there's a deficit because lets face it they have more of what we need than the other way round! We've only got ourselves to blame

  25. The Chinese are winning the trade war, as we American are paying for the tariffs. We don't have a manufacturer ability to output consumer products, knowing that, the Chinese are squeezing our necks. Be afraid,be afraid my fellow Americans

  26. What doesn’t Republicans don’t understand that they have an autocratic dictator leader. Takes no advice, doesn’t have clue about the implication of his actions. This Presidency is completely out of control……..

  27. Of course Trump is the enemy of the United States and the world as a whole. How can Moscow Mitch keep on enabling Dunce J. Trump?

  28. I mean, the white house also does not legally have the power to maliciously detain and torture asylum seekers, but here we are.

  29. Chris Mathews, just as big an ignoramous as Donald Trump when it comes to economics. Trade is not a zero sum game where they "take our money". Money is just a medium of exchange. Many of the imports from China are not just consumables like cotton clothing etc… They are cheap inputs into making finished products in the US that add tremendously to American GDP and wealth. EVERY CHILD IN AMERICA (and elsewhere) SHOULD BE TAUGHT BASIC FRIGGIN ECONOMICS.

  30. Dang! All this time I thought China was taking advantage of us. Thank MSNBC, now I know China’s trade policies are like a giant teddy bear and we’re just over-reacting

  31. reminds me of a video expose' I saw of Trump past,of how he tried to make money in the market by pumping up a stock and then shorting it…now as president a huge amount; Powell providing an uptick with his speech,then Trump coming in with his tweets and pow …down 623 points on the dow..is this just my imagination.

  32. This news anchor is the worst anchor ive ever seen jesus christ, stop interrupting people every 2 seconds and screaming like is a horse race.

  33. China was conquered by foreign forces n worse her populations has been addicted to opium.
    From the hardship gone tru.
    You will be naive to think China will bow down to foreign aggression again.
    The world need to accept
    China is no longer the same of the past.
    China not interested to conquer nation.
    Can't the world see China track records ;;
    China will only work with cooperation
    Win win scenario.
    Absolutely no wars no sanctions,
    Just by willing party,
    For growth n harmony.

  34. None of these 4 people can probably balance their own checkbooks, but they're all going to tell us the financial mistakes Trump is making lol. I think i'm going to continue to trust the wealthy businessman in office, when it comes to the financial direction of our great country thank you

  35. The Chosen ONE…
    AN IMMORAL MAGAWHORE-ITY
    DONALD TRUMP SR IS THE ANTI CHRIST!!! If I still believed in A GOD FIGURE ANYMORE AND I DON'T!!!!

  36. China's "the big monster"? What on earth are you talking about? Has China invaded ME nations, murdered over a million people and polluted their lands with depleted uranium on basis of a pack of lies? You people need to GET REAL!

  37. When is someone going to tell this guy that he's yelling into a microphone? I like his message, but can't watch his videos for more than 20 seconds.

  38. somebody has to do something but i can't believe the one that did it was racist, baby killer (because he payed for his unborn baby to be aborted, not the immigrants dying in camps)… i can't believe he is the one doing something about it. the USA is already helping and supporting another evil monarchy/country (Saudi Arabia) they have the most powerful weapons in the world thanks to the USA. enough! stop helping non democratic leaders so they can keep their power over their country and their regions. look at ISIS and all the leaders in the middle east the usa has helped just because they were helping the USA, they all were evil and at the end they ended up fighting against the USA and it allies… i know is complicated and tha's why i can't believe trump the most unstable person is the only one doing something. usa companies don't care about the usa if they are making money and that's why china too advantage of them and us… im not saying we should go to complete war and destroy them because that will screw us too but something has to be done!

  39. Good thing China isn’t “escalating the trade war” with the U.S.

    You actually thought it was okay for China to steal intellectual property and manipulate their currency? Really?

    Or, maybe you just have a rabid hatred for Trump and will conjure any excuse for attacking him. Maybe you love the centralized establishment “deep” bureau-state too much.

    The government wants its country back and big-time rebel Chris Matthews is there to cheer on the old order.

  40. Trump is going to DESTROY USA, !! SO DON'T BLAME CHINA FOR BE A LOT MORE SMART THAN TRUMP AMD USA, WHEN USA HAS BEEN ABUSING , ROBING AND ELIMINATING ANYONE WHO DON'T SURRENDER TO USA. NOW TRUMP IS THE USA KARMA, SO LET SIT AND REALX AND SEE HOW THE RATS RUNS AWAY FROM THIS SINKING BOAT 🙂 !!

  41. Sincerely hopeTrump could increase 100% tax for 500 billion goods from China, then US have nothing to use. At the same time, China government will punish US companies which annual 300 billion dollars business in China market! At that moment, US company will get out of China market

  42. Biggest enemy of the US is Rump.

    Why is it up to such a boob a Rump to make tariff rule I though it was the congress who sets up tarrifs

  43. Chinese stole American technology? American and European companies exchange their technologies for Chinese market, otherwise, why would China allow Western companies into China's huge market. Western media never mention this facts.

  44. Trump, Bolton, and pompeo…the whole world will support you. Asean, Taiwan…will support you. You really bring freedom to east sea. China's the most cruel, malicious, greediest in the world. Russia is the worst and most selfish in the world.

  45. Who is the first to suggest Trump is the CHOSEN ONE? It seems to be an insane idea but not TOTALLY impossible that he was chosen to WRECK AMERICA, ITS ECONOMY & POLITICAL SYSTEM given the current scenario.

  46. WTF is wrong with American's math? The fact you slid from 3rd in the world to 28th in education really shows. You will always have a massive trade deficit with China. You have no factories and make nothing the rest of the world wants. People only want to buy so many arms. Believe it or not, the rest of the world is not up for perpetual war.

  47. Someone needs to stop this train wreck, if its not stopped he's going to ruin US economy. Already 1/2 way there.
    Stick a sock in his mouth and tape his fingers with duct tape.

  48. I just cannot see why the markets in the US should collapse when in the US

    Unemployment at an 18 year low

    6Million jobs in first 2.5 years of Trump

    In 2.5 years over 7 Million people OFF food stamps

    Unemployment for 16 – 19 year olds at a 50 year low

    Applications for Unemployment at a 50 year low

    AfroAmerican Unemployment lowest ever recorded

    HispanicAmerican household income – at an all time high

    HispanicAmerican Unemployment lowest ever recorded

    AsianAmerican Unemployment lowest ever recorded

    Wages growing fastest for blue collar workers

    Female Unemployment lowest in 65 years

    Consumer Confidence – 17 year high

    Small Business Confidence – highest ever recorded

    Energy Independent and a nett Oil Exporter – first time in 75 years

    Nobody has ever disputed these figures – had the democRats been able to so do, you would never have heard the end of it.

    If everybody has a job, they can afford to pay for things – even if wages are low – that is much better thanunemployment. And when people have money, they spend it.

    So the Fed is doing the same as the democRats and one third of Republican congressPeople – doing their best to engineer a recession.

    It will be interesting to see whether Trump has enough power to thwart opposition.

  49. Trump could sit in the middle of Barack H Obama Avenue buck naked, eating a pigeon and growling at passersby, and he wouldn't look any crazier than he actually is right now.
    Fire Trump!

  50. When you are rich you consume without limits, now that you are poor you should adjust your ability to consume and build back reserves (or assets). Stop trading with China and continue your way of living is just transferring your debt to another country, it is as simple as that. That is no foul play, it is your stomach getting bigger and need urgent surgery to resolve a obesity problem.

  51. How come I'm the only one tired of all these cheap non working products from China? Sorry but I'm happy to stop them from shipping all these not as described products. I don't like Trump either for his racism but as long as he still holds the title, other countries better recognize that he's USA and Must respect USA. We can say whatever we want about him BUT any country that disrespects him in any way disrespects USA and I won't stand for it period.

  52. Do not let a small setback derailed your excellent executions thus far Trump, you got full Americans support, imposed more trade tariffs on China, crushed China for Americans grand coming Christmas celebrations. Make America great again.

  53. The simple and critical truth is that China does not have a large trade deficit vs the rest of the world. This should be the focus.

    This is also why a "united front" will not work; too many countries want to export parts to China to turn into "made in China", and goods and services to China.

    US trade deficit with China embodies those with many other countries.

  54. The Republican Party will never recover from Trump , he has ruined them . Good Riddance to both Trump and the Repukes

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