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Wall Street slides, Dow erases 2018 gains as trade spat intensifies
Source: Reuters
BUSINESS NEWS JUNE 19, 2018 / 7:06 AM / UPDATED 29 MINUTES AGO
Wall Street slides, Dow erases 2018 gains as trade spat intensifies
Medha Singh
4 MIN READ
(Reuters) - U.S. stocks slumped on Tuesday, with the Dow Jones Industrial Average erasing its gains for the year, as markets were rattled by a sharp escalation of the trade dispute between the United States and China.
U.S. President Donald Trump, in an unexpectedly swift and sharp move, threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate.
Trump said his move followed China’s decision to raise tariffs on $50 billion in U.S. goods, which came after U.S. announced similar tariffs on Chinese goods on Friday.
“From a negotiation perspective, it’s a powerful tool. From a market perspective, it leads to increased uncertainty. In the near-term, we would expect to see volatility in markets as they attempt to price in the net impact of tariffs,” said Michael Olivia, a financial planner with Westpac Wealth Partners.
-snip-
Wall Street slides, Dow erases 2018 gains as trade spat intensifies
Medha Singh
4 MIN READ
(Reuters) - U.S. stocks slumped on Tuesday, with the Dow Jones Industrial Average erasing its gains for the year, as markets were rattled by a sharp escalation of the trade dispute between the United States and China.
U.S. President Donald Trump, in an unexpectedly swift and sharp move, threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate.
Trump said his move followed China’s decision to raise tariffs on $50 billion in U.S. goods, which came after U.S. announced similar tariffs on Chinese goods on Friday.
“From a negotiation perspective, it’s a powerful tool. From a market perspective, it leads to increased uncertainty. In the near-term, we would expect to see volatility in markets as they attempt to price in the net impact of tariffs,” said Michael Olivia, a financial planner with Westpac Wealth Partners.
-snip-
Read more: https://www.reuters.com/article/us-usa-stocks/futures-tumble-as-china-u-s-trade-dispute-intensifies-idUSKBN1JF1DN
