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Stocks plunge on trade war fears and uncertainty about more tariffs
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Yahoo Finance's Ines Ferre reports on the stock market from the NYSE after stocks fell sharply following news from U.S. trade officials that more tariffs could be coming for Chinese goods as early as this Friday.
Stocks extended declines Tuesday, as Wall Street weighed the prospect of further tariffs on Chinese imports against news that negotiators from Beijing would be coming to discuss a potential resolution to the U.S.-China trade standoff.
The S&P 500 (^GSPC) fell 1.65%, or 48.4 points, as of market close. The Dow (^DJI) fell 1.79%, or 472.17 points, with all 30 components in the red. The Nasdaq (^IXIC) declined 1.96%, or 159.53 points.
Equity declines steepened Tuesday even after China’s trade negotiators signaled a willingness to continue discussions, despite new tariff threats from President Donald Trump. Beijing confirmed that a delegation of Chinese trade negotiators, led by Vice Premier Liu He, will still come to Washington, D.C. on Wednesday.
Investors had been concerned that this week’s talks would be canceled following Trump’s unexpected announcement Sunday to ratchet up tariffs on Chinese-made goods by the end of this week. The announcement blindsided markets, which had been lulled into believing the two sides were closing in on a deal after members of the Trump administration repeatedly touted the progress of the talks.
Under Trump’s proposed escalation, the tranche of $200 billion worth of imports currently taxed at 10% would be taxed at new rate of 25%, and another $325 billion in Chinese goods would also be subject to a 25% levy. Investors this week have been scrambling to assess the likelihood that the administration will make good on its threat to increase tariffs, and if so, for how long.
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Stocks extended declines Tuesday, as Wall Street weighed the prospect of further tariffs on Chinese imports against news that negotiators from Beijing would be coming to discuss a potential resolution to the U.S.-China trade standoff.
The S&P 500 (^GSPC) fell 1.65%, or 48.4 points, as of market close. The Dow (^DJI) fell 1.79%, or 472.17 points, with all 30 components in the red. The Nasdaq (^IXIC) declined 1.96%, or 159.53 points.
Equity declines steepened Tuesday even after China’s trade negotiators signaled a willingness to continue discussions, despite new tariff threats from President Donald Trump. Beijing confirmed that a delegation of Chinese trade negotiators, led by Vice Premier Liu He, will still come to Washington, D.C. on Wednesday.
Investors had been concerned that this week’s talks would be canceled following Trump’s unexpected announcement Sunday to ratchet up tariffs on Chinese-made goods by the end of this week. The announcement blindsided markets, which had been lulled into believing the two sides were closing in on a deal after members of the Trump administration repeatedly touted the progress of the talks.
Under Trump’s proposed escalation, the tranche of $200 billion worth of imports currently taxed at 10% would be taxed at new rate of 25%, and another $325 billion in Chinese goods would also be subject to a 25% levy. Investors this week have been scrambling to assess the likelihood that the administration will make good on its threat to increase tariffs, and if so, for how long.
About Yahoo Finance:
At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
Connect with Yahoo Finance:
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