U.S. stocks skidded Monday, putting all main indexes on track for their worst day since Jan. 3, as China moved to raise tariffs on U.S. goods and take other retaliatory measures after Washington last week increased duties on Chinese imports and both sides appeared to harden their positions.
In several tweets over the weekend, President Donald Trump argued that the U.S. was in an advantageous position over trade, though White House economic adviser Larry Kudlow admitted Sunday that “both sides” will feel the pain. His comment that Trump and China’s President Xi Jinping may meet at the Group of 20 international conference in June failed to soothe investors.Trump early Monday continued to tweet regarding the talks, arguing that there was “no reason” for U.S.
“One of these pillars has been taken away, and that’s even more important because we are also dealing with the negative underlying force of deteriorating economic data.” “Protectionism and the impact that can have on demand can be hard to model, and it feels that with these dynamics in play the market will further de-risk, with traders wanting a return of their equity, as opposed to on their equity,” Weston added.
Videogame publisher Take-Two Interactive Software Inc. TTWO, -3.17% and Tencent Holdings Ltd. TCEHY, -3.88% are both set to report earnings after the close on Monday.
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