The trade disputes that President Trump is waging on multiple fronts dragged U.S. stock markets lower on Monday.
The blue-chip Dow Jones industrial average fell almost 1 percent at the start of New York trading, before paring losses, while the broader S&P 500 slipped 0.3 percent and the tech-heavy Nasdaq dropped 0.7 percent.
Trump announced his latest tariffs — duties of 25 percent on $50 billion of Chinese imports — on Friday, sparking an immediate reaction from Beijing, which pledged to impose levies of its own. China said its tariffs will roll out in two phases: a 25 percent tariff on automobiles, soybeans and other agricultural products starting on July 6, and separate 25 percent tariffs on energy commodities such as crude oil and natural gas.
The charges will ramp up costs for U.S. businesses already dismayed by retaliation from U.S. allies such as Canada, Mexico, and Europe on steel and aluminum tariffs that the White House justified on national security grounds. Trump is considering additional duties on automotive imports using the same argument.
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Dow Jones takes a beating from rising trade war fears https://t.co/PA0OpWe9i4 pic.twitter.com/s4RRt2xQ4a
— Washington Examiner (@dcexaminer) June 18, 2018
Trump’s games are going to cost us big time. I wonder — will his adoring fans finally turn on him when their retirement accounts end up in the toilet?
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