Stocks fall sharply, giving up early gains, after Trump imposes fresh tariffs on China

Stocks fell sharply early afternoon Thursday after President Donald Trump said the U.S. would impose an additional 10% tariff on Chinese imports to the U.S., even though the trade talks between the two countries are due to resume September.

Shares of Caterpillar CAT, -3.59%, Deere DE, -2.40%, Nike NKE, -3.30% , Fedex FDX, -4.41% and Apple AAPL, -2.80% which are exposed to international trade with China all dropped sharply. In the U.S., the Institute for Supply Management said its manufacturing index slipped to 51.2% in July, the lowest reading since August 2016. Meanwhile the IHS Markit U.S. manufacturing index fell to its lowest since September 2009 at 50.4%. Of further concern, the employment subindexes showed employment contracting for the first time since June 2013.

Meanwhile investors were also digesting more second quarter corporate earnings reports. Over 65% of S&P 500 companies have now reported and actual results blended with estimates for the remaining companies showed a negative earnings growth rate for the quarter of 1.7%, according to FactSet. As Morgan Stanley noted, S&P 500 index companies first quarter EPS growth was minus 0.3% year on year.

'It is my way or the highway' from Trump is going to severely hurt the economy.

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