US stocks tumble on tariffs, weak data

NEW YORK - Wall Street stocks tumbled on Tuesday as new tariffs in the US-China trade war took effect, while US data pointed to weakness in the manufacturing sector.

In its first session since the tariffs took effect, the Dow Jones Industrial Average ended down 1.1 per cent at 26,118.02. CFRA Research's Sam Stovall said hopes were dashed that the United States might delay as the tariffs as it has done at times in the past.On Twitter, the US president vowed China would face a"much tougher" deal if Trump is reelected in November 2020.

Tuesday's losses also followed a downcast report from the Institute for Supply Management, which said that US manufacturing activity fell into contraction in August for the first time in three years.

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US: Wall St opens lower as US-China trade tensions weigh[NEW YORK] US stocks fell broadly at the open on Tuesday, as Washington's new round of tariffs on some Chinese goods kicked in and after a report that officials from both sides were struggling to decide on the schedule for a meeting this month. Read more at The Business Times.
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