Markets

President Trump met with trade team at White House amid tweetstorm that rocked markets

Key Points
  • Trump meets with his top trade advisors at the White House amid a slew of tweets that, among other things, characterize China President Xi Jinping as an "enemy."
  • The president tweets Friday morning that he is ordering "our great American companies" to "immediately start looking for an alternative to China."
  • Trade advisors and known China hawks Peter Navarro and Robert Lighthizer are spotted just outside the Oval Office moments before the president tweeted.
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Trump tweets 'order' for American companies to find alternative to China

President Donald Trump met with his top trade advisors at the White House amid a slew of tweets that triggered market losses Friday.

In his tweetstorm, Trump, among other things, characterized China President Xi Jinping as an "enemy" and ordered U.S. companies to begin looking for alternatives to China.

The president tweeted Friday morning that he was ordering "our great American companies" to "immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA."

Trade advisors and known China hawks Peter Navarro and Robert Lighthizer, the U.S. Trade Representative, were spotted just outside the Oval Office moments before the president's tweets. The White House later confirmed to NBC News that National Economic Council Director Larry Kudlow and Treasury Secretary Steven Mnuchin were present for the meeting.

The social media posts roiled financial markets, sending the Dow Jones Industrial Average down more than 450 points or about 1.75%. The S&P 500 slid 1.6%, and the Nasdaq Composite dropped 2%.

CNBC's Eamon Javers first reported that Trump was meeting with his trade advisors Friday morning.