President Trump threatened Monday that China would face an additional $300 billion in tariffs if Chinese President Xi Jinping fails to appear at the G20 summit in Osaka, Japan later this month during a call with CNBC's "Squawk Box."
The big picture: Trump said he would be "surprised" if Xi didn't attend, adding that the two have a meeting scheduled during the summit. He said, "I have a great relationship with him. He's an incredible guy, great man. He's very strong and very smart but he's for China and I am for the United States."
President Trump has threatened and bludgeoned his way into an unwanted confrontation with the U.S. business community that could have far-reaching implications for the future of presidential power over trade.
Driving the news: Trump's blunt use of presidential leverage to force the Mexican government to harden its immigration enforcement appears to have caused an unintended side effect: U.S. business leaders have begun urgently discussing strategies to claw back the virtually unchecked trade powers that Congress has handed over to presidents during the past 80 years.
Chewy is going public this week, carrying a valuation of about $7 billion, roughly twice what the company sold for in 2017. It too has a special class of shares. Its largest shareholder, BC Partners, will control 98.8% of the votes after the offering is over.
Between the lines: Chewy has never turned a profit, and it burned through $63.3 million of cash in the quarter ending on May 5. At that rate, the $101 million it plans to raise in the IPO will last just 21 weeks.
