China economy

Trump tells American businesses to leave China

President Trump significantly escalated his trade war rhetoric on Friday with a series of tweets — just two days after tweeting that things were "great with China."

"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."

The bottom line: It should go without saying that Trump doesn't have the authority to order U.S. companies to look for alternatives to China.

Go deeper: China announces retaliatory tariffs on $75 billion of U.S. goods

China announces retaliatory tariffs on $75 billion of U.S. goods

Illustration: Rebecca Zisser/Axios

China announced Friday that it would levy retaliatory tariffs ranging from 5% to 10% on $75 billion of U.S. goods in two batches on Sept. 1 and Dec. 15, per CNBC.

Why it matters, via Axios' Dan Primack: Expectations were that the markets would be focused primarily on Fed Chair Jerome Powell's speech in Jackson Hole this morning, but this news will refocus investors on trade.