Major U.S. stock indexes sank Monday amid growing concern that President Trump’s confrontational trade tactics will curb corporate profits and undermine the benefits of last year’s tax cuts.
The blue-chip Dow Jones industrial average slid 1.3 percent at the close of New York trading, paring earlier losses, while the broader S&P 500 fell 1.4 percent and the tech-heavy Nasdaq dropped 2.1 percent.
The declines anticipated Trump’s imposition of curbs on Chinese investment in the U.S. and followed a speech where the president held firm on his trade policies and a decision by motorcycle-maker Harley-Davidson to move some U.S. manufacturing overseas to escape retaliatory duties from Europe. The White House’s trade disputes with partners from Canada to China have weighed on markets since early this year, and Trump has ramped up his rhetoric in the past month.
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