Stocks plunge after China announces retaliatory tariffs

Source: The Hill | May 13, 2019 | Niv Elis

The Dow Jones Industrial Average dropped a sharp 520 points, or 2 percent, in the opening minutes of trading Monday after China announced it would retaliate against President Trump’s tariff hikes by issuing increases of their own on U.S. goods.

The S&P 500 also plunged, dropping nearly 50 points, or around 1.7 percent. 

Beijing said it would raise tariffs on a host of American exports to China from 5 and 10 percent to 20 and 25 percent, respectively, come June 1.

Asian markets also dropped on the news, with the Shanghai Composite down 1.2 percent.

The move comes in response to Trump’s decision to raise tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent on Friday, an attempt to put pressure on China amid ongoing trade talks.

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  • Discussion
  • Consistent May 13, 2019 at 10:37 am #29430

    Consistent May 13, 2019 at 10:59 am #29433

    Consistent May 13, 2019 at 11:00 am #29434

    ConservativeGranny May 13, 2019 at 4:16 pm #29445

    We’ve already resigned ourselves to the fact that we will never be able to retire but our 40lK is bleeding money again. This was unnecessary. What I can’t figure out is how older Americans who are hooked up to FOX News 24/7 while their 40lKs are shrinking can keep supporting Trump. It is mind boggling. The disconnect is unreal.

    Consistent May 13, 2019 at 4:52 pm #29446

    EVERYDAY May 13, 2019 at 5:57 pm #29447

    Granny, it’s sad. I’ve tried to talk to people young and old abut how much these tarriffs are going to hurt us and most of the time I just get a blank stare. I have been told that while there will be pain now, eventually Trump’s temper tantrums will make America great again. or something. They think overall the economy will get better and they will be fine “once the dust settles” and all those products we have been buying from China and elsewhere are produced in the US.

    One guy told me we will be able to buy steel made in the US. I told him the steel mills that closed decades ago are not coming back. I live in the rust belt. There are a few steel companies left, but they are mostly small fabricating operations using steel made in other countries. They are shells of their former selves; once they employed thousands, but now they employ maybe a hundred or less. The major manufacturing operations we had prior to the 70s and 80s are gone and they are not coming back. It’s one of Trump’s many lies and these people are so enamored with him, they believe — even as their pensions erode and they pay double, triple and more for consumer goods.

    I’m through trying to reason with Trump worshipers. One day when he drives them all to the poorhouse, maybe then they will awaken from their Kool-Aid induced stupor and realize (too late) they have been had.

    Consistent May 13, 2019 at 10:21 pm #29449

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