Dow flips from big gain to big loss after Trump announces more China tariffs
Dow flips from big gain to big loss after Trump announces more China tariffs
U.S. stocks surrendered big gains Thursday, falling hard after President Trump tweeted that additional tariffs would be slapped on Chinese goods. The Dow Jones Industrial Average had been up 311 points before the tweet -- meaning that within minutes of the tariff news the blue-chip index had plunged from a peak to a trough of more than 600 points. Trump said he will impose 10 percent tariffs on Sept. 1 on the remaining $300 billion in Chinese imports he hasn't already taxed. China's foreign minister was disappointed in Trump's decision. "Imposing tariffs is definitely not the right way to resolve trade frictions," Wang Yi told reporters in Bangkok on Friday. News of the additional tariffs follows the latest round of trade negotiations between the U.S. and China. The next meeting is scheduled to be in September.
U.S. stocks surrendered big gains Thursday, falling hard after President Trump tweeted that additional tariffs would be slapped on Chinese goods. The Dow Jones Industrial Average had been up 311 points before the tweet -- meaning that within minutes of the tariff news the blue-chip index had plunged from a peak to a trough of more than 600 points. Trump said he will impose 10 percent tariffs on Sept. 1 on the remaining $300 billion in Chinese imports he hasn't already taxed. China's foreign minister was disappointed in Trump's decision. "Imposing tariffs is definitely not the right way to resolve trade frictions," Wang Yi told reporters in Bangkok on Friday. News of the additional tariffs follows the latest round of trade negotiations between the U.S. and China. The next meeting is scheduled to be in September.
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