President Donald Trump recently attended the G7 Summit with the leaders of the seven richest democracies: Britain, Canada, France, Germany, Italy, Japan and the United States. Trump’s multiple trade wars were a topic of conversation, especially the trade war Trump began with China.
But the President had good news to share with the press at the G7. He told reporters:
“China called last night our top trade people and said, ‘Let’s get back to the table.’ So we will be getting back to the table and I think they want to do something.”
“They have been hurt very badly but they understand this is the right thing to do and I have great respect for it. This is a very positive development for the world. I think we are going to have a deal.”
The Dow Jones Industrial Average had gone into freefall in the last weeks over the tariffs tit-for-tat Trump started. So the news that China contacted the United States to ask to return to the table and resume trade talks was welcomed.
It even sparked a bounceback on Wall Street. But the stock market may not retain those gains.
It turns out Trump’s announcement was less than factual. After the President made his public statement, Geng Shuang of the Chinese Foreign Ministry said:
“Regarding the phone call in the weekend, I am not aware of that. I can tell you clearly that I haven’t heard of such a thing.”
When asked to comment on the Chinese rebuttal, Trump said:
“We have had calls at the highest level, but I don’t want to talk about that.”
Then this week CNN reported that Trump aides verified the President’s claims about Chinese phone calls asking Trump to negotiate with them were lies.
While the Trump administration officials couched their statement by saying the President wanted to “project optimism” by conflating public statements made by China’s vice premier with actual direct communication, others simply labeled it more Trump lies.
I don’t know why this particular lie offends so, but it really bugs me that Trump made up that crap about China calling while he attended a summit of world leaders. Maybe because it’s makes us look so ridiculous?
— David Lazarus (@Davidlaz) August 30, 2019
Given the unprecedented level of presidential obfuscation since Trump took office, no one was overly surprised when the lies were exposed by China and acknowledged by the Trump administration.
However this time the lies affected the stock market and people are crying foul.
If Elon Musk said that General Motors wanted to talk about buying out his company, and it was a lie, the SEC would prosecute. If trump says China wants to talk and stock goes up, it is a lie and he should be prosecuted
— American Veteran (@amvetsupport) August 26, 2019
So Trump aides admit he blatantly lied and fabricated calls with China to ”boost markets”?
— Justin Kanew (@Kanew) August 29, 2019
My tweet over the weekend predicting this EXACT tweet ftom Trump. This is market manipulation using tweets to lie about “deals” with China to pump up the Dow Jones. #insidertrading @fbi @FBIWFO @NewYorkFBI @cnbc @BeckyQuick pic.twitter.com/fLvmdP72fg
— Bruno Amato (@BrunoAmato_1) August 26, 2019
Trump lies to world leaders in an apparent effort to manipulate markets.
A more morally charitable view is that he has lost his grip on reality.
Not sure which is worse.https://t.co/mr6dBGZv3R
— Ken Caldeira (@KenCaldeira) August 30, 2019
I think most stock market investors are glad Trump lied about the China phone call, as it caused the stock market to rise. If the truth makes the stock market go down, lies are the best way to prop it up. But a market rally built on a foundation of lies will not stand long.
— Peter Schiff (@PeterSchiff) August 29, 2019
Dear Trump Base,
Trump will continue to lie to you about tariffs for as long as you let him. https://t.co/22NJC9TD7F
— Bill Adler (@billadler) August 30, 2019
None of those stories caught on with the public or managed to cause a market upswing like the lies about phone calls from China.
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