‘This just got messier and more expensive’ — China’s trade pushback is sending stocks deep into the red

Wall Street’s main indexes fell more than 2 per cent on Monday after Beijing announced plans to retaliate with higher tariffs on U.S. goods, raising fears that another round of tit-for-tat measures could push the U.S. economy toward recession.

China’s finance ministry said on Monday it planned to impose tariffs ranging from 5 per cent to 25 per cent on 5,140 U.S. products on a target list worth about US$60 billion from June 1, striking back after U.S. raised duties last week. The S&P 500 on Friday racked up its worst weekly decline since December, as Washington raised tariffs on Chinese goods worth US$200 billion to 25 per cent from 10 per cent.

U.S. equities hit record highs just two weeks ago on hopes of a trade deal and a positive first-quarter earnings season. The S&P 500 was trading 4.4 per cent below its all-time high close. At 9:55 a.m. ET the Dow Jones Industrial Average was down 518.98 points, or 2.00 per cent, at 25,423.39, the S&P 500 was down 61.03 points, or 2.12 per cent, at 2,820.37 and the Nasdaq Composite was down 219.42 points, or 2.77 per cent, at 7,697.52.

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This will only hurt China in the long run, anyone have a problem with that? I didn’t think so....

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