‘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.

There's a possible solution to Canada's tensions with China. Help China solve her Veteran's protests, problems and issues.

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

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Loonie up after record jobs report, stocks down amid U.S.-China trade talksThe Canadian dollar traded higher after Statistics Canada reported record job growth in April, while stocks came under pressure as the U.S. and China failed to reach a deal on trade before a tariff deadline today. Oh yes one half of a percent come on we are not stupid One step up, then Two steps down. Not a good trend. The Canadian Peso
Source: CTVNews - 🏆 1. / 99 Read more »

Asia stocks mostly higher after Trump trade threatAsian stock markets rebounded Tuesday after Beijing said trade negotiators were preparing to go to Washington despite President Donald Trump's threat to escalate their tariff war.
Source: CTVNews - 🏆 1. / 99 Read more »

Trade turbulence shows market vulnerability as U.S. stocks get pricierTrade turbulence shows market vulnerability as U.S. stocks get pricier GlobeInvestor
Source: globeandmail - 🏆 5. / 92 Read more »