Finance
Stocks tumble as markets brace for Trump’s next round of tariffs
Stocks fell Monday as markets braced for major escalations in the
US-China trade war. The Nasdaq Composite dropped nearly 1.5%,
with companies like Apple
earlier warning tariffs could force them to raise prices. The
dollar and Treasury yields slid.
Here’s the scoreboard:
Dow Jones industrial
average: 26,062.46−92.21 (0.35%)
S&P
500: 2,889.11 −15.87 (0.55%)
Nasdaq
Composite: 7,895.79 −114.25
(1.43%)
- The Trump administration is
expected to impose tariffs on an additional $200 billion
worth of Chinese products. President Donald Trump
said he would make an announcement after financial markets
close. The action would bring the total amount of Chinese
products subject to duties to $250 billion, roughly half of
the amount the US imported from that country in 2017. China
has said it will hit back.
- NAFTA negotiations between the US and Canada look
likely to stall. Prime Minister Justin Trudeau
defended regulations on the country’s dairy market, an issue
the US has signaled it will not be quick to budge on. Canada
imposes high import duties in its dairy market to support
prices. - North Korea may be circumventing US-led sanctions
related to its nuclear weapons program.
The Wall Street Journal reports Pyongyang has
worked with Russia and China to avoid sanctions, according to a
confidential United Nations report, making the
latest economic penalties “ineffective.”
And a look at the upcoming economic calendar:
- European Central Bank President Draghi speaks in Paris.
-
Housing starts and existing home sales numbers are out in
the US.
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