Trump claims he has 'absolute right' to order US companies out of China under 1977 law

[edpc]

Washington (CNN) — President Donald Trump claimed he has the "absolute right" to "order" US companies to stop doing business with China that would involve using his broad executive authority in a new and unprecedented way under a 1977 law.

On Friday, China unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods, the latest escalation in an on-going trade war that's putting a strain on the world's two largest economies. In response, Trump wrote on Twitter later Friday: "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."

When leaving the White House for the G7 summit in France, Trump told reporters, "I have the absolute right to do that, but we'll see how it goes." He later explained that he was referring to the 1977 International Emergency Economic Powers Act (IEEPA), and in a Friday tweet wrote: "For all of the Fake News Reporters that don't have a clue as to what the law is relative to Presidential powers, China, etc., try looking at the Emergency Economic Powers Act of 1977. Case closed!"

https://www-m.cnn.com/2019/08/24/politics/trump-china-trade-war-emergency-economic-powers-act/index.html?r=https%3A%2F%2Fwww.cnn.com%2F

[Wingnut]

He loves messing their little liberal minds! 

[Elderberry]

https://ca.reuters.com/article/businessNews/idCAKCN1VE00X-OCABS

“NATIONAL EMERGENCY”

Trump could treat China more like Iran and order sanctions, which would involve declaring a national emergency under a 1977 law called the International Emergency Economic Powers Act, or IEEPA.

Once an emergency is declared, the law gives Trump broad authority to block the activities of individual companies or even entire economic sectors, former federal officials and legal experts said.

For example, by stating that Chinese theft of U.S. companies’ intellectual property constitutes a national emergency, Trump could order U.S. companies to avoid certain transactions, such as buying Chinese technology products, said Tim Meyer, director of the International Legal Studies Program at Vanderbilt Law School in Nashville.

Trump used a similar strategy earlier this year when he said illegal immigration was an emergency and threatened to put tariffs on all Mexican imports.

Past presidents have invoked IEEPA to freeze the assets of foreign governments, such as when former President Jimmy Carter in 1979 blocked assets owned by the Iranian government from passing through the U.S. financial system.

“The IEEPA framework is broad enough to do something blunt,” said Meyer.

Using it could risk unintended harm to the U.S. economy, said Peter Harrell, a former senior State Department official responsible for sanctions, now at the Center for a New American Security. U.S. officials would need to weigh the impact of China’s likely retaliation and how U.S. companies would be affected.

[berdie]

Don't we owe them a lot of money???

[rustynail]

Tell it to The Judge.

[Elderberry]

Don't we owe them a lot of money???

The U.S. debt to China is $1.12 trillion as of March 2019. That's 28% of the $4.07 trillion in Treasury bills, notes, and bonds held by foreign countries. The rest of the $22 trillion national debt is owned by either the American people or by the U.S. government itself.

[berdie]

The U.S. debt to China is $1.12 trillion as of March 2019. That's 28% of the $4.07 trillion in Treasury bills, notes, and bonds held by foreign countries. The rest of the $22 trillion national debt is owned by either the American people or by the U.S. government itself.

Thanks, @Elderberry .  That still sounds like a lot to me.

[Bigun]

Don't we owe them a lot of money???

Yes we do @berdie but it is not anywhere near the amount we owe ourselves! 

[edpc]

Nothing like declaring an emergency to fix a problem you’ve created.

[Sanguine]

Nothing like declaring an emergency to fix a problem you’ve created.

Trump created the China problem?

[edpc]

Trump created the China problem?

The current problem, involving the tariff escalations? Most certainly.

[Bigun]

The current problem, involving the tariff escalations? Most certainly.

BS!  The problem has LONG been there and Trump took the bull by the horns to do something about it!

[EdJames]

BS!  The problem has LONG been there and Trump took the bull by the horns to do something about it!

Decades long.

[bilo]

The current problem, involving the tariff escalations? Most certainly.

No!

We all but had a deal with China until they discovered that Trump was serious about not stealing our technology, or letting them steal our companies. Once they figured out they would actually have to act in a civilized manner if they wanted to do business with us they backed out of the deal. Now both sides are still talking but the reality is there will be no deal. China will wait for the next lame brained Rat, or Pub, POTUS that they can take advantage of.

In the end we will be a lot better off if we get out of the Chinese market. In the short term it will hurt, but in the long term we will be better off doing increased business to our north or south.

[edpc]

BS!  The problem has LONG been there and Trump took the bull by the horns to do something about it!

What's BS is the idea you can bring all the industries back, have them staffed like Chinese factories, and create an affordable consumer product. Instead of fighting them now, on a mode of manufacturing that's limiting, you change the playing field with innovation. The future of industry is robotics and 3-D printing, not mass manual labor. Move towards 2050, instead of trying to recreate 1950.

[bilo]

BS!  The problem has LONG been there and Trump took the bull by the horns to do something about it!

This is something about Trump I never anticipated. He is willing to confront the big issues. He's taking on China. He's fighting to fix our immigration system, or lack there of. He has pushed to eliminate as much of obamacare as he can, without much help from the Pubs. He's pushed back against Iranian expansionism. He's rebuilt our relationship with Israel. He's confronted Europe about trade and defense and their need to change.

You may not like this guy's in your face style, but I'll be darned if he isn't willing to take on the big problems that everyone else just wanted to push down the road.

[bilo]

What's BS is the idea you can bring all the industries back, have them staffed like Chinese factories, and create an affordable consumer product. Instead of fighting them now, on a mode of manufacturing that's limiting, you change the playing field with innovation. The future of industry is robotics and 3-D printing, not mass manual labor. Move towards 2050, instead of trying to recreate 1950.

Why?

Motorola is a good example. Thet opened plants in China and then saw their technology stolen and plants open down the street that began to make the same product. Their answer to the problem was to get out of China and they've done just fine.

[Bigun]

What's BS is the idea you can bring all the industries back, have them staffed like Chinese factories, and create an affordable consumer product. Instead of fighting them now, on a mode of manufacturing that's limiting, you change the playing field with innovation. The future of industry is robotics and 3-D printing, not mass manual labor. Move towards 2050, instead of trying to recreate 1950.

That will happen of its own accord when and if the markest are left the hell alone so they can work their magic!

[edpc]

Why?

Motorola is a good example. Thet opened plants in China and then saw their technology stolen and plants open down the street that began to make the same product. Their answer to the problem was to get out of China and they've done just fine.

Yeah - the company acquired by Chinese based Lenovo is a terrific example.

[bilo]

Yeah - the company acquired by Chinese based Lenovo is a terrific example.

You might want to read this article.

https://www.redstate.com/elizabeth-vaughn/2019/08/24/uschina-trade-war-escalates-many-call-trump-madman...lindsey-graham-crushes

[edpc]

You might want to read this article.

https://www.redstate.com/elizabeth-vaughn/2019/08/24/uschina-trade-war-escalates-many-call-trump-madman...lindsey-graham-crushes

I read a variation of it, earlier today, here.....

http://www.gopbriefingroom.com/index.php/topic,373142.0.html

As of 6:20PM EDT, it is burning up the discussion board, with one comment. Why? Because everyone knows what an unreliable RINO Gang of Eight Graham really is.

While you’re cozying up to Graham’s idea of ‘pain that will be worth it in the long run,’ enjoy a couple more of his ideas for an immigration compromise and an endless US presence in Afghanistan.

https://www.politico.com/story/2018/01/21/government-shutdown-immigration-graham-miller-354747

https://news.yahoo.com/lindsey-graham-warns-trump-not-160628136.html;_ylt=AwrJ7J.cx2Jdgt4AenZx.9w4;_ylu=X3oDMTByMDgyYjJiBGNvbG8DYmYxBHBvcwMyBHZ0aWQDBHNlYwNzYw--

[kevindavis007]

Why?

Motorola is a good example. Thet opened plants in China and then saw their technology stolen and plants open down the street that began to make the same product. Their answer to the problem was to get out of China and they've done just fine.

I get it, but companies should do it voluntary basis...

[edpc]

Press secretary Stephanie Grisham says Trump was "greatly misinterpreted" earlier Sunday when he was asked if he had any second thoughts about escalating the trade war with China. Trump responded to reporters "Yeah. For sure," adding he has "second thoughts about everything."

But Grisham says "President Trump responded in the affirmative — because he regrets not raising the tariffs higher."

https://www.yahoo.com/news/latest-trump-says-may-invite-064022071.html


I'm torn between     and   

[berdie]

Yes we do @berdie but it is not anywhere near the amount we owe ourselves!

What you say is true @Bigun .  But if the Chinese call in markers....we may be in trouble. Owing ourselves seems less risky.