As was feared, China has retaliated, raising the stakes in a trade war that has raised concerns about the future of global economic growth. The Asian nation announced increased tariffs on $60 billion of goods from the United States after the U.S. raised tariffs to 25% from 10% on $200 billion in Chinese goods Friday and trade talks between the world’s two largest economies didn’t result in a deal last week. The new tariffs from China are set to go into effect June 1.
As the trade war drags on after some market participants may have thought a deal would already have been hammered out, Wall Street seems to be finding itself in an interesting dynamic. But over the long run, earnings always matter, even though they may not be the main story at the moment. As the trade war between the U.S. and China continues, it’s probably worth keeping an eye on U.S. consumer-related data because Americans are having to deal with higher costs caused by tariffs. That could eat into retail sales and consumer confidence, and end up being a drag on GDP and an inflationary pressure.
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