The stock markets plunged Monday morning after President Trump threatened to raise tariffs on $200 billion in Chinese goods, possibly derailing a trade deal that was expected to be reached as early as this week.
Trump roiled the waters Sunday by threatening to dramatically increase tariffs on $200 billion in Chinese goods and set new tariffs for an additional $325 billion in goods.
The president then emphasized his threat Monday morning, tweeting, “The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!”
The unsettling prospect of renewed trade hostilities between the world’s two largest economies sent stock indices reeling on Monday.
The Dow Jones plunged more than 400 points or 1.6 percent, while the S&P 500 dropped nearly 45 points or 1.5 percent and the NASDAQ fell 145 points or 1.8 percent, the largest one-day market decline since January.
It was a dramatic and stomach-churning reversal from Friday, when Vice President Mike Pence told CNBC that the president was “very hopeful” about reaching a deal with China soon.
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DEVELOPING: Stock Markets plunge on Trump's tariff threat https://t.co/DQPilqM7NR pic.twitter.com/9T55pxvKAC
— The Hill (@thehill) May 6, 2019
Of course. The King loves to play with his subjects’ lives. Many of us older folks have pensions tied into the stock market at some level. Every time the king decides to play god, we who depend on our retirement and investments for our livelihood are ruined.
I’m hopeful the ruin he perpetrates on us will come to him many times over.
Clearly the lunatics are in charge of the asylum.
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