The stock market dropped more than 600 points on Friday following President Trump's demand that U.S. companies look for "an alternative to China."
Earlier Friday, China announced it will hike tariffs on $75 billion of U.S. products in retaliation for Trump's threat to increase tariffs, which the president announced will "now be taxed at 15%" starting Sept. 1 in a tweet late Friday.
The deepening trade war between the two countries threatens to tip the global economy into recession, and world leaders plan to address the issue at the forefront of the annual Group of Seven nations – known as the G7 – summit in France this weekend.
Before departing for the summit, the president also lashed out at Federal Reserve Chairman Jerome Powell, questioning whether he is a "bigger enemy" to the United States than Chinese President Xi Jinping.
But in a speech on Friday, Chairman Powell suggested that the White House's trade policies are contributing to a slowdown in global economic growth.
The president also doubled down on his calls for Russia to rejoin the group, which was excluded in 2014 in response to invading Crimea.
Earlier this week, the Trump administration unveiled a sweeping plan to detain migrant families and children for longer periods of time than currently allowed under the 1997 Flores Agreement.
According to a Homeland Security official, the administration hopes to eliminate what it sees as an "incentive" by detaining families until the end of their immigration proceedings.
And in the latest news on the 2020 front,of Massachusetts became the third candidate in the past week to drop out of the Democratic presidential race. Moulton said he will instead run for reelection to the House.
Washington Governor Jay Inslee and former Colorado Governor John Hickenlooper announced that they were dropping out of the race earlier this week. Inslee will run for reelection, and Hickenlooper will run for Senate in Colorado.
National Economic Council Director Larry Kudlow will join us to discuss the ongoing trade war with China.
We'll talk to Sen. Lindsey Graham, R-South Carolina (@LindseyGrahamSC) about the economy, trade and tariffs.
We'll hear from Sen. Amy Klobuchar, D-Minnesota (@amyklobuchar), also a Democratic presidential candidate.
Joshua Bolten, President & CEO of the Business Roundtable, will join us to discuss the economy, trade, and more.
CBS News Elections and Surveys Director Anthony Salvanto (@SalvantoCBS) will join us to discuss a new CBS News poll about Americans' attitudes about the economy and how that might affect their vote in 2020.
And as always, we'll turn to our panel for some perspective on the week that was:
- Michael Graham (@IAMMGraham) of InsideSources
- Anne Gearan (@agearan) of the Washington Post
- Joshua Johnson (@jejohnson322) Host, NPR's 1A
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