Listen: Trump orders US companies to stop doing business with China
"Trump said that american companies are hereby ordered to stop manufacturing in china despite trump himself and his daughter ivanka doing tons of business with wait for for it china that tweet led to a stunning reversal on wall street c._n._b._c. posted eleven o four stocks plunged followed by a series of tweets showing join the markets tumbling down down down the time span of the c._n._b._c. twitter chronicle of trump taking the stock market all his own one hour and forty three minutes and all because has trump had a temper tantrum about his trade with china resulting in a spooked stock market trump ordering u._s. companies how to do business and trump's fed chair labeled an enemy for not doing his a bit perfect. No i'm not happy with jay powell. I don't think he's doing a good job at all. I don't think he's much of a chess player. Oh you i want him to resign. Let me put it this way if he did. I wouldn't stop dude. You hired him. Joining me. Now is korean air coupon. I don't work elliott was style of above the lot dot com john harwood of c._n._b._c. the aforementioned juliane malveaux economist author and rachel bit of biblical for of the wason jason center for public policy go for being here. I'm going to come to you first on this elliott because donald trump is i hereby order kim jong un style order to american companies. What did you stop doing business with china right now. Name companies take their stocks. Does he have such a power. We have this arguing comfortable with the fact that donald trump can do whatever john roberts says he can do there and if y'all don't like that y'all should have gone to the mattresses garlic because that's why we're here now. The authority that trump is arguing that has is under something called the international emergency economic powers act it works much like the national emergencies act which means that when the president says i feel like mrs an emergency he gets wide latitude to do all kinds kinds of crazy things much like essentially planned economy like china would have the authority to do but there is an important supreme the first of all there's an important part of the statute which says that he can only declare the emergency the unusual and extraordinary circumstances china existing extraordinaire right. It's just a thing uh-huh so there's there's very little very little legally binding precedent to suggest that trump can declare national emergency and national economic emergency yeah based on china existing time to them have been used before was against iran when they took actual american hostages. That's the last time that's one of the last times this was used and and they're a supreme court precedent on that one of william rehnquist's most famous decisions is upholding the presidential authority to do whatever he wants to stop iran dan but very limited to the situation where iran has taken aggressive unusual extraordinary action against american citizens. There's nothing to suggest that that's what china has done right and if john roberts understands that there's nothing to suggest that trump can get this done well. It's john harwood. I'm gonna go to you next because i did varo the c._n._b._c. tweets which was extraordinary. I was watching it on twitter. It was happening and there are the markets up with the market's down. Oh my god he's taking like it happened in order on this same issue clearly clearly someone told donald trump hey in nineteen seventy seven thousand nine hundred seventy seven act that is ellie points out was used against iran. Maybe you can use that against china or maybe they said f._d._r. Doc was able to make steel companies make planes right and so he thinks he can just do it because somebody told them i doubt he's ever read the history that we just espoused right right and the question is donald trump a willing to invoke emergency powers and sanction american companies as the united states sanctioned iran in the hostage crisis or this law was also used to freeze assets in the war on terror after nine eleven is he gonna put u._s. U._s. multinationals in that bucket and treat them that way."