Trump threatens China with cooking oil embargo...
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PresidentDonald Trumpon Tuesday said his administration is considering "terminatingbusinesswithChinahaving to do with Cooking Oil" in retaliation for Beijing refusing to buy U.S. soybeans.
Trump said he believes China is committing an "Economically Hostile Act" by "purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers."
Ending business with China on cooking oil and "other elements of Trade" are possible forms of "retribution" Trump is weighing, he said in aTruth Social post.
"As an example, we can easily produce Cooking Oil ourselves, we don't need to purchase it from China," he wrote.
The president's latest criticism follows a recentspate of critical remarkshe has made about China, raising questions about the status of ongoing trade talks and sending stocks careening up and down.
TheS&P 500stock index fell immediately after Trump's post, ending the Trading day in the red after a volatile session.
Read more CNBC coverage on U.S.-China trade rift
Stocks tanked on Friday after Trump threatened to massively increase tariffs on Chinese imports in retaliation for new export controls that China imposed onrare earth minerals. Later that day, Trump said he would impose an additional 100% tariff on Chinese imports starting on Nov. 1.
But on Sunday, Trump appeared to soften his attack,writing, "Don't worry about China, it will all be fine!"
Stocks broadly reboundedon Monday.
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Source: Original financial news report
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