Feeling China's revenge? Wall Street looks to rebound
All eyes will be on Wall Street Tuesday after U.S. stocks tumbled on Monday amid escalating trade tension and rhetoric between the U.S. and China. Shares opened moderately lower in Asia on Tuesday after Wall Street's dismal Monday. The Dow Jones Industrial Average fell 617 points, recovering from a loss of over 700 points early afternoon. China announced it would hike tariffs on roughly $60 billion in U.S. imports in a retaliation against the Trump administration’s decision last week to increase tariffs on $200 billion worth of Chinese goods. Poised to affect over 5,000 U.S. products, the tariffs will range to as high as 25 percent, up from between 5 and 10 percent currently, and take effect on June 1.
All eyes will be on Wall Street Tuesday after U.S. stocks tumbled on Monday amid escalating trade tension and rhetoric between the U.S. and China. Shares opened moderately lower in Asia on Tuesday after Wall Street's dismal Monday. The Dow Jones Industrial Average fell 617 points, recovering from a loss of over 700 points early afternoon. China announced it would hike tariffs on roughly $60 billion in U.S. imports in a retaliation against the Trump administration’s decision last week to increase tariffs on $200 billion worth of Chinese goods. Poised to affect over 5,000 U.S. products, the tariffs will range to as high as 25 percent, up from between 5 and 10 percent currently, and take effect on June 1.
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