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Dow drops 623 points after Donald Trump tells US firms to pull out of China, eviscerates Fed Reserve boss Jerome Powell as the ENEMY for not cutting rates and compares him to a Chinese dictator

Dow drops 621 points after Trump unloads on 'enemy' Fed Chair Powell and compares him to

  • Fed chair Powell said on Friday regarding interest rates that 'we will act as appropriate to sustain the expansion'
  • Trump unloaded on him, calling him the 'enemy' and misspelling his name
  • Compared him to Chinese President Xi Jinping amid angry standoff over trade
  • China announced tariffs on $75 billion in U.S. products
  • Trump said he will announce a response today 
  • Issued demand U.S. companies pull out of China, despite no apparent authority to do so 
  • 'Our great American companies are hereby ordered to immediately start looking for an alternative to China' 
  • Powell said the trade war posed a 'complex, turbulent' situation Trump made a joke about a 573-point drop on Twitter 
  • Stocks kept falling, ending the day down 621 points, more than 2 per cent 
  • White House aides privately warned the president earlier this month an economic down turn is coming - just in time for his re-election campaign
  • Trump warned the stories about the struggling economy 'won't work because I always find a way to win' 
  • 'The Economy is strong and good, whereas the rest of the world is not doing so well,' he tweeted Friday morning 
  • Trump this week called himself the 'chosen one' to take on China 

China hit back at President Donald Trump in the latest volley in the growing trade war – slapping tariffs on $75 billion of U.S. products. - In this June 29, 2019, file photo, President Donald Trump, left, meets with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan

President Donald Trump set off a precipitous dive in financial markets Friday after he ripped Federal Reserve chair Jerome Powell, ordered U.S. companies to pull back from China, and called the world's No. 2 economy the 'enemy.' 

By the end of trading after a hectic day where the president once again used twitter to lash out at his foes amid economic uncertainty, the Dow Jones Industrial Average was 621, or 2.4 per cent.  

Trump tore into Powell after the Fed Chair refused to provide a clear signal he will bend to Trump's demand for rate cuts – comparing him to China's President Xi Jinping, his chief economic and political rival who heads a country Trump describes as committed to 'ripping off' the United States. 

'We will act as appropriate to sustain the expansion,' Powell said in remarks at a meeting of the Fed in Jackson Hole, Wyoming
President Donald Trump raged against the Federal Reserve once again Thursday over interest rates

Trump called Fed chair Jay Powell an 'enemy'
The Dow ended the day down 623 points
SUDDEN DROP: The Dow dropped steeply as soon as Trump tweeted about China

The Dow lost more than 2 per cent of its value amid the attacks on China and the Fed chair

He fumed that the Fed did 'NOTHING' at its Wyoming meeting
Trump went into a Twitter rage and compared Powell to the head of China
Trump referred to Chinese President Xi Jinping as 'Chairman Xi'
China's President Xi Jinping (L) and Colombia's President Ivan Duque Marquez inspect Chinese honor guards during a welcoming ceremony outside the Great Hall of the People on July 31, 2019 in Beijing, China
President Trump demanded U.S. companies come 'HOME' from China
Donald Trump slammed reports the United States is headed toward a recession

Larry Kudlow, Director of the National Economic Council, has pushed the message the economy is 'sound'

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