Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
Democratic Rep. Maxine Waters on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.Technologyread more
"I do expect our stock market to be hammered if nothing positive comes of this G-20 meeting ... the most likely outcome is nothing happens," Jim Cramer says.Mad Money with Jim Cramerread more
The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
Union Pacific CEO Lance Fritz tells Jim Cramer that he is optimistic about trade relations with China, Mexico, Japan, and the EU.Mad Money with Jim Cramerread more
See which stocks are posting big moves after the bell on June 18.Market Insiderread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
But a look at state-by-state data clarifies the scale of Trump's challenge. As the president tries to rally supporters at a 2020 kickoff rally in Orlando on Tuesday, he is...Politicsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
A Bloomberg News report Tuesday morning said the White House had looked at such a move in February.Marketsread more
The order for 200 737 Max jets from British Airways parent IAG was a vote of confidence for Boeing's beleaguered aircraft following two fatal crashes.Airlinesread more
Others say Trump is on the right track in his efforts to retaliate against the United States' largest trading partner for alleged violations.
"I don't think he's been tough enough ... and in fact, I don't think he's been smart enough," Alan Tonelson, founder of RealityChek, said on Monday.
"What he's been trying to do, it seems to me, has been to try to develop responses that haven't been tried in the past and already failed. I give him a great deal of credit for that, although certainly the actual implementation has been lacking," Tonelson said on CNBC's "Power Lunch. "
Last week, the White House reportedly engaged in serious discussions about implementing a trade tool, Section 301 of the 1974 Trade Act, to retaliate against China. Section 301 allows the president to impose steep tariffs on imports, rescind licenses or take other measures against a trade partner if an investigation finds it imposed burdensome or unfair restrictions on American commerce. This move can be implemented without the World Trade Organization's approval.
Section 301 has yet to be widely used since the creation of the WTO, and many worry implementing the move could result in a trade war.
"[With a 301 move], the U.S. identifies what the problem is, crafts a solution and implements it" unilaterally, Dan Ikenson, director of the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, said on "Power Lunch."
"That would violate our own WTO commitments and that would, in my view, set up a trade war because the United States would be abandoning its commitments and showing the rest of the world that the WTO is not worth anything, and it really is worth quite a lot," Ikenson said.
Instead, Ikenson recommends that America work with China and the WTO on finding trade solutions.
"Over the years I have advocated treading lightly with China. ... A lot of the complaints, a lot of the frictions in the relationship I think were sort of manufactured, but certainly there are some legitimate issues we have with China," Ikenson said.
"But there is a right way to deal with it and a wrong way," he said. "The right way is to avail ourselves of the World Trade Organization and identify the problems that China is creating, say, forced technology transfer."
Some companies have already voiced their concerns about future U.S. tariffs.
"[The Foxconn news] very well could be a big win for Trumpian trade policy because Foxconn's chairman, Terry Gou, specifically said that he decided to make this investment because he was worried about the threat of U.S. tariffs," Tonelson said. "And he's not the only CEO to say this."
Here are the states that would be hurt the most by a trade war with China.