Fresh shockwaves hit U.S. markets after Trump tweets, China steps up trade war
Source: Washington Post
Stocks dropped Monday as technology companies came under fire and fears grew about a trade war with China.
The Dow Jones industrial average plunged down more than 580 points, or 2.4 percent, in morning trading. The Standard & Poors 500-stock index was down 2.6 percent and the tech-heavy Nasdaq Composite was down 2.9 percent as volatility continues to rock markets.
Chinas government said on Sunday that it would immediately impose tariffs on 128 U.S. commodities it imports in retaliation for President Trumps levies on steel and aluminum. The tax on U.S. goods could span pork, soybeans and fruit as well as aircraft.
The fears of an impending trade war have rocked markets since last month when Trump announced 25 percent tariffs on steel and 10 percent on aluminum that the U.S. imports.
Read more: https://www.washingtonpost.com/business/economy/fresh-shockwaves-hit-us-markets-after-trump-tweets-china-steps-up-trade-war/2018/04/02/1f3beebe-3678-11e8-9c0a-85d477d9a226_story.html?utm_term=.abbb4cc076cc
C Moon
(12,215 posts)machoneman
(4,007 posts)Since Two Scoops took so much credit when the market was up, what's he saying now that his ill-fated tariff moves have caused market havoc?
Crickets?
aggiesal
(8,919 posts)Macho Neman
or
Mach One Man?
Either way, I love your emoji!
Of course you'll only hear crickets from Donnie-2-Scoops.
But, I also feel that tariff's are designed to protect our nations manufacturing base.
Just as an example, if it costs $10 to make a pair of shoes in the U.S., but only $2
to make the same pair if shoes in China, then the U.S. should impose an $8 tariff
per pair of those same shoes to balance the shoe market in the US. That way, the
consumer would buy better quality shoe .
The fact that China wants to impose a tariff on U.S. supplied goods, is only for
punitive purposes, because, really want consumer product in China costs more
to manufacture in China than in the U.S.?
I believe that every product manufactured in China costs less to manufacture,
so why the tariff?
IthinkThereforeIAM
(3,076 posts)... remember the massive put options bought just before 9-11 occurred and the airline stocks dived. Now with Amazon?
dalton99a
(81,527 posts)while the oligarchy loots and steals
Gothmog
(145,353 posts)BumRushDaShow
(129,163 posts)From what I had learned years ago, soy was found to be good to plant as a rotation crop for cotton fields as a nitrogen fixative (after the disastrous agricultural practices carried out right into the 30s pretty much killed the soil), and naturally a ready market opened up for it in Asia.
Kittycow
(2,396 posts)I've been waiting for the Soybean exports to be negatively impacted so I could go Na-Na to all the farmers who foolishly voted for the Great Imposter. But I also have compassion for the farmers who didn't vote for him that will take a big hit.
Oh well, I guess we're all going down with the ship, except the rich and corporations.
BumRushDaShow
(129,163 posts)per this, IL is the top soybean producing state, followed by Iowa.
And what might happen too, that has been suggested in tweets, if NAFTA gets torpedoed without some type of renegotiation, and/or if Mexico figures it has had enough of being slapped around and decides to put tariffs on our corn (Mexico being a big consumer of it), then that U.S. cash crop is gonna be devastated too.
Achilleaze
(15,543 posts)and they apparently think mutant thoughts.
Wellstone ruled
(34,661 posts)Who was buying the VIX? Who bought the down side Options of Amazon? If we know this,we have the real answers.
Sophia4
(3,515 posts)Wellstone ruled
(34,661 posts)Fox going out of Business Channel will go all in with blaming Obama. The RNC so called Chairwoman eluded to that about a hour ago on Bloomberg.
Bernardo de La Paz
(49,013 posts)Hugin
(33,167 posts)Perhaps even Old Yeller himself.
Pump n' Dump has become official policy.
Wellstone ruled
(34,661 posts)My guess. Who was in Florida with this POS over the weekend.
bronxiteforever
(9,287 posts)bucolic_frolic
(43,203 posts)Amazon shares fall 6 percent as Trump renews attack
https://www.reuters.com/article/us-amazon-com-trump/amazon-shares-fall-6-percent-as-trump-renews-attack-idUSKCN1H9185
_________
Trashing Amazon is not official US policy. President or not, Bezos might have a case here. Damages, stock manipulation. There are laws against disrupting the markets.
IronLionZion
(45,465 posts)last year's epic run up was just in anticipation of his pointless tax cuts. How are those tax cuts working out for you, Trumpers? Tired of winning yet?
We're going to lose so bad in a trade war with China that we'll get sick of losing. Rural farmers are going to get it much worse than urban tech workers and other industries. It's a targeted attack on the voters and states that elected Trump.
Achilleaze
(15,543 posts)everything they do weakens America. Disgusting.
bucolic_frolic
(43,203 posts)That's WINNING! MAGA
Sophia4
(3,515 posts)does not make for an optimistic, happy country.
Trump -- mean, nasty Tweets.
Firestorm49
(4,035 posts)How refreshing it will be, if we are lucky enough to have another presidential election, to get somebody - anybody in the Oval Office who possesses an iota of intellect. Article after article, news story after news story reveal him to be the fool that he truly is. And now, for the benefit of the American public, on top of reduced auto mileage and pollution standards, poisoned air, unparalleled corporate gifts, tainted water, Russians in the White House, we can experience a full blown trade war with countries that once had our respect and admiration. Wow! What a guy! What a leader! What a moron.
Bernardo de La Paz
(49,013 posts)Classic market wisdom: Buy on rumor, sell on news.
The 1% and 0.01% got their tax gift. Trump will not deliver anything else for them. A few regulations here and there, which will be fought in the courts and elsewhere, will not help them much.
llmart
(15,541 posts)he is such a savvy businessman. How can this be? He so soooooo smart according to the stoopid people who voted for him.
Canoe52
(2,948 posts)keithbvadu2
(36,833 posts)Dotard says 'Trade wars are good, and easy to win'
https://www.google.com/search?q=trade+wars+are+easy+to+win&sitesearch=democraticunderground.com