Jim Cramer Says President Trump Wants Cold War with China
Let's talk about U.S. and China.
China’s Foreign Ministry announced it would sanction 11 U.S. citizens, including Sens. Marco Rubio and Ted Cruz, as retaliation for the U.S. move Friday to sanction Chinese and Hong Kong officials for their roles in limiting political freedoms in the city. The sanctions don't include any members of the Trump administration.
And then there's TikTok versus President Donald Trump.
TikTok is prepping to file a federal lawsuit as soon as Tuesday against President Trump’s executive order banning the service in the continental United States, arguing it is unconstitutional.
TikTok, owned by China-based ByteDance, will file the lawsuit in the U.S. District Court for the Southern District of California, where TikTok's American operations are based, a person familiar with the company’s plans told NPR on Monday.
From Markman on Tech: Why Facebook Wins If Microsoft Buys TikTok
Per NPR, the lawsuit will argue that President Trump's action is unconstitutional because it failed to give the company a chance to respond. It will also allege that the administration's national security justification for the order is baseless.
Under the president's executive order issued last Thursday evening, “any transaction” between a U.S. citizen and TikTok's Beijing-based parent company will be outlawed in 45 days for national security reasons.
Qualcomm has been quietly pressuring the Trump administration to allow it to sell its chips and other electronic components to Huawei, despite current restrictions preventing U.S. companies from doing business with phone maker.
Chipmakers from the U.S. are required to obtain a license from the Commerce Department to ship certain components to Huawei. Qualcomm said due to the restrictions its foreign competitors now have access to a market worth as much as $8 billion a year.
Qualcomm has been lobbying the Trump administration to be given the green light to sell chips to Huawei that would be used in 5G phones, The Wall Street Journal reported, citing a presentation it says has been “circulating around Washington.”
Jim Cramer breaks down why he thinks Trump wants relations with China to deteriorate, calling the president a "cold warrior."
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