Trump: China raided our factories and gutted our industries

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Trump says he will take action against China

Strong comments to start, more to come. He brought Pompeo and Mnuchin, which is a hint of something big coming.

  • Chinese government has continually violated its promises to us
  • China unlawfully claimed territory in Pacific ocean
  • China’s coverup of the Wuhan virus allowed it to spread all over the world

We’re still in the preamble but the tough talk has the market worried.

  • We will be terminating our relationship with the WHO, redirect elsewhere

That’s not a factor for markets.

  • Will issue proclamation on US university research
  • Will ask for study to protect US investors (presumably from investing in Chinese stocks)

This was all rumored and isn’t a big deal.

  • Have started the process of eliminated policy exemptions that give Hong Kong special treatment
  • Directing his administration to “begin the process of eliminating policy exemptions that give Hong Kong different and special treatment” under a “full range” of agreements, from extradition to trade to technology. (Congress has much of this power)
  • Will sanction directly or indirectly individuals involved in suppressing Hong Kong

All this was rumored or reported.

Stocks go positive.

See here for global coronavirus case data

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