Dow falls almost 500 points as China retaliates by slapping tariffs on $60B in U.S. goods
Source: NBC News
Wall Street plunged on Monday at the opening bell, with the Dow Jones Industrial Average falling by 550 points in response to a ratcheting up of trade tensions after China said it would raise tariffs on $60 billion worth of U.S. goods, starting June 1.
Global markets have shown intense volatility over the past few weeks, with all three major indices in the U.S. seeing an extended sell-off as investors parsed the likelihood of a resolution to months of trade negotiations between the world's two largest economies. Last week was the worst for the S&P 500 so far this year, with the index falling by more than 3.5 percent. The Dow Jones saw its biggest decline since March.
The retaliation from the Chinese finance ministry comes after President Donald Trump followed through on his threat to raise tariffs on $200 billion of Chinese imports last week. As of 12:01 a.m. last Friday, Chinese-made goods bound for the U.S. were subject to a 25 percent tariff, up from 10 percent.
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After the two sides failed to reach a deal during high-level trade talks in Washington last week, Trump challenged Beijing, tweeting this weekend that I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you dont make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!
Read more: https://www.nbcnews.com/business/business-news/dow-falls-almost-500-points-china-retaliates-slapping-tariffs-60b-n1004881?cid=sm_npd_ms_tw_ma
Sherman A1
(38,958 posts)brooklynite
(95,406 posts)former9thward
(32,278 posts)Anyone who takes market advice from the internet, especially political sites, is doomed. They are always wrong....
onenote
(43,154 posts)I have made this point here several times. Indeed, if I had a nickel for every time someone predicted the market was crashing....
Iliyah
(25,111 posts)llmart
(15,614 posts)The MAGAts are always complaining about "everything is made in China; why can't we make that stuff here?" Yet they're the first to run to Wal-Mart and the dollar stores to buy crap. They're too stupid to know that they will be the ones hurt more by Dump's so-called tariff war.
DetlefK
(16,423 posts)In NY he could threaten to walk away and take his money elsewhere. But that doesn't work in international economics because there's plenty of other people willing to step in if Trump walks away from the deal.
maddogesq
(1,245 posts)about losseswith maybe a pinch of tax fraudhe aint so good at NY either.
Just like N. Korea, I think the Blathering Tangerine is gonna get rolled.
LuvNewcastle
(16,894 posts)would deal with Donald Trump. I don't appreciate assholes like that. In fact, I would go out of my way to screw him if I got the chance. People all over the world feel the same way and they're getting really tired of his act.
titaniumsalute
(4,742 posts)empedocles
(15,751 posts)trump is not a good business man, not smart. trump's 'whole life has been a misinformation campaign.'
NRaleighLiberal
(60,066 posts)And insider bullshit that no doubt is happening
watoos
(7,142 posts)TruckFump
(5,812 posts)...NOT!!!!!!!!!!!!!!!!!!
jpak
(41,765 posts)MAGAcretin
Yup
Turbineguy
(37,512 posts)NurseJackie
(42,862 posts)Fuckers!
Mr.Bill
(24,438 posts)patphil
(6,324 posts)They know he's not all that popular here, and expect he will be defeated in 2020.
They would rather wait and deal with a sane, responsible, honorable government after Trump is gone.
Not that the Chinese are any of those things, but they would like at least one of the parties at the table to be that way.
Besides, we need the Chinese a lot more than they need us.
They can sell their goods elsewhere, and we don't have the manufacturing base to make up for what we can't afford to buy from them, or they are no longer buying from us.
They expect to win this trade war, and, with Trump making all the wrong moves, they probably will.
Patrick Phillips
ck4829
(35,126 posts)watoos
(7,142 posts)Maxheader
(4,376 posts)What did the markets lose? around a trillion? Now the limp wrist-ed buffoon
accelerates the trade war...and not in our favor....
wolfie001
(2,424 posts)Martial law? Consulting with his bro-in-arm putin? Maybe Speaker Pelosi will offer a staightjacket?
duforsure
(11,885 posts)Right, they said Mexico would pay for the wall, he said he'd have a better health care plan, cheaper costing, covering everyone and a lot better, he said he'd get prescription drug costs down then took millions from big pharma, and he told us it would be easy while the farmers were devastated from his policies, and had to run the deficit up higher giving them billions to cover his losses from failed policies. Looks to me like another intentional policy that'll hurt this country, and who is his best corrupt criminal dictator, putin. Is he really doing this for putin because he may be billions in debt to him and his friends? Is putin behind him going after Hillary also? I will never trust this imbecile with anything he claims because its never the truth. Americans are paying for this, where's our refund for it like the farmers got?
ck4829
(35,126 posts)MichMan
(12,045 posts)Turbineguy
(37,512 posts)You made me look!
Demonaut
(8,967 posts)csziggy
(34,144 posts)The clue is "starting June 1."
Response to brooklynite (Original post)
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