‘Billions of dollars’: Trump withdraws US pension fund from China investments

US President Donald Trump has confirmed that his administration has requested for the withdrawal of billions of {dollars} in American pension fund investments in China and that different comparable actions have been in consideration.

The US and China relations have deteriorated after the coronavirus outbreak. The US has expressed disappointment over Beijing’s dealing with of the coronavirus which has claimed over 80,000 lives in America. China has additionally been accused of stealing Intellectual Property and analysis work.

“Billions of dollars, billions… Yeah, I pulled it back,” Trump mentioned on Fox Business News on Thursday when requested about experiences that the US had pulled out billions of {dollars} of American pension funds in Chinese funding.

In one other query, the president was requested whether or not he’ll pressure Chinese corporations to comply with all circumstances for being listed on the New York Stock Exchange and the NASDAQ.

Chinese corporations like Alibaba are listed on the New York Stock Exchange, however they don’t report earnings — the best way an American firm does, the interviewer mentioned. “We are looking at that very strongly. It’s pretty amazing but here’s the problem with that. Let’s say we do that, right? So what are they going to do? They are going to move their listing to London or someplace else. You see?” Trump mentioned.

“Let’s say you want to get tough. You know everyone wants to be a tough guy. Look I am the toughest guy but what happens is they say ‘okay, we will move to London or we will go to Hong Kong’,” he mentioned.

Meanwhile, China is mulling actions towards US lawmakers who’ve launched a laws within the Senate proposing sanctions towards China for its dealing with of the coronavirus outbreak, in keeping with information experiences.

“The Chinese government is lashing out at those who are appropriately trying to hold them accountable for intentionally misleading us about the nature of the novel coronavirus, where it was spreading and how quickly things were getting out of control. I consider their threats a badge of honour,” Congressman Jim Banks mentioned.