Trump Threatens to Cut Off Cooking Oil Trade With China

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00:00Well, the S&P 500 turned lower in the final hour of the trade after, you guessed it, a flare-up in the trade war with China.

00:07President Trump threatening to stop trade in cooking oil with China in a truth social post,

00:13a retaliatory move after Beijing is continuing to refuse to buy American soybeans.

00:19Joining us now is Balance of Power co-host Joe Matthews.

00:21So, Joe, it feels like a little bit we're back in an environment where there's so much headline ping-pong

00:26when it comes to what is the state of play with trade negotiations with China.

00:31Yeah, it's been kind of a day-to-day up and down here with the president being accused of pulling another taco over the weekend

00:38following his very aggressive post on truth social on Friday, sent the markets in a tizzy, then the relief rally yesterday.

00:45And yes, today, I'm guessing you didn't have cooking oil on the menu for the program,

00:50but that's what the president's talking about on truth social.

00:52And this post helped to send the markets lower with China not buying soybeans.

00:57We know that's been the case now for some times.

00:59He calls it an economically hostile act, says China purposefully not buying the crop.

01:05And we're considering terminating business, he says, on truth social with China having to do with cooking oil

01:11and other elements of trade as retribution.

01:14He says we can easily make our own cooking oil.

01:16And it's unclear if he's talking about the new stuff that we buy at the store and cook in ourselves

01:20or the massive imports of used cooking oil from China that goes back to, as a matter of fact, the Inflation Reduction Act.

01:30A Biden-era piece of legislation now law, the IRA, that in fact created incentives for renewable fuels like, yes, used cooking oil.

01:39Now, guys, I don't know if this is going to be the path to a deal with China.

01:42Now, the president is supposed to sit down with Xi Jinping in just a couple of weeks at the APEC summit in Korea.

01:48The administration, by way of the Treasury secretary, is still saying that that meeting is on.

01:53And we heard from USTR Greer today saying they even have a time.

01:56We haven't seen that publicly, but they have a time to meet.

01:59And that has not changed yet.