BIARRITZ, France (ABC News) — President Trump has arrived in France for a summit with America’s most important economic allies amidst turmoil in the markets and worries about a global recession.
As he left Washington, the President insisted he’s not concerned: “Our economy is doing great. We’re having a little spat with China. And we’ll win it. We’ve put a lot of tariffs on China.”
It was the President who spooked the markets by threatening to impose even more tariffs on china and issuing a bizarre order to american companies to stop doing business there and then – overnight on his way to France – he threatened new tariffs on the french too: “I don’t want France going out and taxing our companies. Very unfair. And if they do that we’ll be taxing their wine or doing something else.”
That set the tone for what is expected to be a tense meeting in the coastal resort of Biarritz, France.
But in his first meeting with the french president, President Trump signaled optimism: “Everybody is getting along, and and I think we’ll accomplish a lot this weekend.”
Even before the President landed, the European Union’s top official here criticized President Trump on several fronts – including Iran, Russia – and tariffs – threatening to hit back at the U.S.
“The last thing we need and we want is confrontation especially with our best ally, the United States.”– Donald Tusk
The trade war with China alone is already hitting U.S. consumers. Even before the new tariffs were announced yesterday, JP Morgan estimated American families will pay an average of $1000 a year because of the higher tariffs on China.
After the President tweeted Friday that he had, quote, “Hereby ordered” American companies to stop dealing with China, the stock market tumbled more than 600 points. He said he wasn’t concerned about that either:
“Not at all. Not at all. We’re 25,000. So don’t tell me about six hundred points.”– President Donald Trump