Donald Trump Orders Federal Employee Retirement Fund to Cease Investing in Chinese Equities

Tensions between China and the US were already at an all-time high much before the coronavirus pandemic. Now, the countries have resorted to a blame game regarding the origins of the virus, as well as its ill-handling, which ultimately led to the rapid spread of the pandemic. As a response, Donald Trump has ordered Eugene Scalia, the US Labour Secretary, to exclude the Thrift Savings Plan, which is a federal employee retirement fund, from investing in Chinese equities.

Both Larry Kudlow, who is the National Economic Council Chair, and Robert O’Brien, the national security advisor, penned a letter to Eugene Scalia, insisting the White House’s discontent with investments in Chinese companies, ordering the Thrift Savings Plan to pull out $4 billion worth of invested assets. According to the letter, both Kudlow and O’Brien state a perceived threat to national security and investment risks as the reasoning behinfd the sudden requested withdrawal.

Scalia then reiterated the request to the chairman of the Federal Retirement Thrift Investment Board, Michael Kennedy, adding that the order was initiated by the President. Such a move will most likely further intensify tensions between the two countries, and jeopardize the Phase One trade deal.

Information for this briefing was found via Fox Business. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Is China Squeezing The Gold Market?

In response to recent trading price risks, the Shanghai Futures Exchange (SHFE) has implemented transaction...

Sunday, April 14, 2024, 11:25:00 AM

China Offers $1-Million Bounty For Eight Hong Kong Dissidents

Frances Hui, the first public activist from Hong Kong to receive political asylum in the...

Tuesday, July 18, 2023, 01:46:00 PM

Cameco Signs Uranium Supply Agreement With China, Details Muddied

Cameco Corp (TSX: CCO) reported today that it has entered into a uranium supply agreement...

Sunday, October 29, 2023, 12:23:31 PM

Evergrande’s Offshore Bondholders Brace for Default, Fight for Transparency on Assets

As offshore bondholders become more weary of a lack of communication from Evergrande and a...

Saturday, October 9, 2021, 11:17:00 AM

Crude Oil Prices on the Decline After China Releases Fuel Reserves to Boost Domestic Supply

Crude oil prices briefly receded from their multi-year highs on Monday, after China’s government released...

Tuesday, November 2, 2021, 04:51:00 PM