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turbinetree

(24,703 posts)
Fri May 1, 2020, 11:28 AM May 2020

Wall Street slides at open as Trump warns of new tariffs on China

Source: Reuters

BUSINESS NEWS MAY 1, 2020 / 7:08 AM / UPDATED 2 HOURS AGO

(Reuters) - U.S. stocks fell at open on Friday after President Donald Trump threatened to slap new tariffs on China over the coronavirus crisis, while Apple and Amazon became the latest companies to warn of more pain in the future.

The Dow Jones Industrial Average .DJI fell 224.94 points, or 0.92%, at the open to 24,120.78.

The S&P 500 .SPX opened lower by 43.34 points, or 1.49%, at 2,869.09. The Nasdaq Composite .IXIC dropped 208.26 points, or 2.34%, to 8,681.29 at the opening bell.

Reporting by C Nivedita in Bengaluru; Editing by Anil D'Silva

Read more: https://www.reuters.com/article/us-usa-stocks/wall-street-slides-at-open-as-trump-warns-of-new-tariffs-on-china-idUSKBN22D58W



-snip-

This action by this fucking immature child throwing a temper tantrum by telling some country that because of where the virus came from I am going to place tariffs on you..............shows just how fucking dangerous this asshole really is, by using economic blackmail when he "knew" back in December and November that this virus was going to be dangerous to this country, and he has failed at the rate of over 63,000 + deaths and over 1,000,000+ known cases...in this country.....as of May 1, 2020........ what a sick fuck........instead of trying to get ahead of this issue he goes and does this..........and to add to his insanity the market is doing this ............the manufacturing is contracting at a faster rate.............and he thinks with whatever is between his ears that he is nothing great in that brain..........he has no clue what he is doing, so he goes out and begins lashing out to deflect because he his absolute total failure..................

https://www.democraticunderground.com/10142484230


.

November 3, 2020 cannot get here fast enough and neither can January 20, 2021..............
27 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Wall Street slides at open as Trump warns of new tariffs on China (Original Post) turbinetree May 2020 OP
Oh, Jesus. We're back on this tariff/stock pump game. Squinch May 2020 #1
Well Trump couldn't accomplish all this without his faithful companian, Atty Gen William Barr. politicaljunkie41910 May 2020 #25
Well, as usual his own actions harm our economy, both the Dow and supply chain, hence.... machoneman May 2020 #2
Dow down 593 points, S&P down even more percentage-wise (equivalent to 671 Dow points) 1157 am ET progree May 2020 #3
But a drop in the bucket in these times. Steelrolled May 2020 #13
I know. In magnitude, about a typical day's move in either direction lately progree May 2020 #19
Let's see what happens when those unemployment numbers hit......... Bengus81 May 2020 #20
The May 8 release date for the April jobs report has long been scheduled progree May 2020 #22
Beats me,usually the first Friday but not this month. Bengus81 May 2020 #23
Here's what I found for exceptions to the first Friday rule in 2019 and 2020: progree May 2020 #24
He just cannot learn from his mistakes. marble falls May 2020 #4
Go ahead, punish China (US consumers) for your fuck-ups, Little Donnie. rickyhall May 2020 #5
Equating cheap Chinese crap with the good of American consumers makes no sense The Mouth May 2020 #6
But the thing is our US manufacturers made conscious choice to outsource to other countries. iluvtennis May 2020 #7
They couldn't do it if WE didn't BUY the garbage The Mouth May 2020 #8
It won't take 20/30 years, and it will be selective. Steelrolled May 2020 #12
Not what I meant. I meant by putting tariffs chinese goods he penalizes US consumers who buy chinese rickyhall May 2020 #10
So? The Mouth May 2020 #15
I'm sorry but a lot of that crap is not available in the US anymore. We no longer manufacture much. rickyhall May 2020 #18
To me, buying American Made beats The Mouth May 2020 #26
LOL...literally every computer case is made in China. Bengus81 May 2020 #21
Wrong. The Mouth May 2020 #27
Predictable And Predicted DallasNE May 2020 #9
Trump's tariffs are part of the reason why things are as bad as they are right now. Initech May 2020 #11
Tariffs will continue (at least to some degree) under Biden. Steelrolled May 2020 #14
It's not racist or nationalist to acknowledge The Mouth May 2020 #16
Because he's been called out on his BS; a tale told in LBN headlines: muriel_volestrangler May 2020 #17

politicaljunkie41910

(3,335 posts)
25. Well Trump couldn't accomplish all this without his faithful companian, Atty Gen William Barr.
Fri May 1, 2020, 10:14 PM
May 2020

They both need to go, along with Mitch McConnell. With those two still in power, Trump can do anything. We have a ONE BRANCH GOVERNMENT.

machoneman

(4,007 posts)
2. Well, as usual his own actions harm our economy, both the Dow and supply chain, hence....
Fri May 1, 2020, 11:33 AM
May 2020

the big drop on Wall Street. It's significant since he's killing his own re-election strategy, getting our economy going again, yet is too effin' stupid to realize it. Good I say!

We're #1, we're #1! Hah!

progree

(10,909 posts)
19. I know. In magnitude, about a typical day's move in either direction lately
Fri May 1, 2020, 06:30 PM
May 2020

Friday 5/1 closing prices:

Dow: 23,723.69 -622.03 (-2.55%)

S&P 500: 2,830.71 -81.72 (-2.81%),
. . . and down 16.4% from it's Feb 19 all time high.
. . . up 25.0% from the pre-Inauguration Day close of 2264.

Bengus81

(6,931 posts)
20. Let's see what happens when those unemployment numbers hit.........
Fri May 1, 2020, 06:39 PM
May 2020

Which strangely have been moved from being reported today until next Friday.

progree

(10,909 posts)
22. The May 8 release date for the April jobs report has long been scheduled
Fri May 1, 2020, 06:59 PM
May 2020
https://www.bls.gov/schedule/news_release/empsit.htm

Which strangely have been moved from being reported today until next Friday.


I can't prove it that it was previously scheduled for May 8, as archive.org's 2020 snapshots are all in April 2020, and the last 2019 snapshot doesn't list the 2020 dates. But on my computer I have a saved file of where I keep track of the job release dates (part of my calendar) -- a 1/2/20 snapshot -- it has the May 8 date.

Hard to say which way the market will move on their release -- lately I've seen many many up days after bad economic news because "it wasn't as bad as expected", and "the market is forward looking" and "remdesivir wow!" and "Fauci said ... " and "new agreement on stimulus package", and soon to come, some news about a slight thaw in the U.S.-China economic war that will result in a day or two of irrational exuberance.

progree

(10,909 posts)
24. Here's what I found for exceptions to the first Friday rule in 2019 and 2020:
Fri May 1, 2020, 08:52 PM
May 2020

2019: 3/8
2020: 1/10, 5/8, (and that's it for the rest of 2020)

Some say that sometimes when Friday falls on the first or second day of the month, it is released the 2nd Friday.

But there are exceptions:

2019: 2/1, 8/2, 11/1
2020: 7/2, 10/2,

Beats me too.

The Mouth

(3,150 posts)
6. Equating cheap Chinese crap with the good of American consumers makes no sense
Fri May 1, 2020, 01:03 PM
May 2020

We need to wean ourselves off of cheap shit made by slave labor without environmental restriction.

Sorry, screw them; I'll pay more for made in the USA. The stuff is only cheap from China because of the exploitation of the workers and the pollution we've outsourced. Stop buying garbage that puts your countrymen out of work, encourages the excreable treatment of working people, and is produced with much less environmental oversight.

Anyone who can't live without their "made in China" crap is doing as much harm to other humans and the planet as any Republican.

iluvtennis

(19,862 posts)
7. But the thing is our US manufacturers made conscious choice to outsource to other countries.
Fri May 1, 2020, 01:13 PM
May 2020

And you know why, all for greed and to increase their profit margins. They didn't want to pay the salaries that US market warranted, so they went overseas - China, Vietnam, Indonesia, South Korea, etc, etc.

It would take 20/30 years for US to ramp up to start making stuff here again. But they won't do that because it's all about GREED.

The Mouth

(3,150 posts)
8. They couldn't do it if WE didn't BUY the garbage
Fri May 1, 2020, 01:28 PM
May 2020

So what if it takes a while, we need to make stuff here as much as we can. The ONLY reason it's cheaper elsewhere is because they can get away with paying the people shit wages and don't have to worry about polluting. If we buy that garbage we are no better than any of the other exploitation capitalists in that chain.

Sure some people are so poor that they literally can't buy anything other than the cheapest crap from Walmart or Amazon, but those of us who aren't are just as morally reprehensible (as the manufactures and vulture capitalists who moved these jobs overseas) when we purchase stuff made in sweatshops in countries with no labor rights or pollution controls instead of something more expensive made by people at least getting minimum wage and covered by OSHA here, in plants that at least OCCASIONALLY have to do something about pollution.

They would make that stuff that way if we weren't equally complicit by buying it.

 

Steelrolled

(2,022 posts)
12. It won't take 20/30 years, and it will be selective.
Fri May 1, 2020, 02:13 PM
May 2020

In the case of medical supplies, I expect we will see a large pull-back in production very soon. It should be like military supply chains, but even more stringent. In times of pandemic, we have seen around the world that it is everyone for themselves.

rickyhall

(4,889 posts)
10. Not what I meant. I meant by putting tariffs chinese goods he penalizes US consumers who buy chinese
Fri May 1, 2020, 01:30 PM
May 2020

The Mouth

(3,150 posts)
15. So?
Fri May 1, 2020, 02:19 PM
May 2020

Buying that crap makes us no better than the bastards who moved those jobs over there, exploit the workers, and pollute the shit out of the environment.

rickyhall

(4,889 posts)
18. I'm sorry but a lot of that crap is not available in the US anymore. We no longer manufacture much.
Fri May 1, 2020, 03:50 PM
May 2020

But whatever. I'm not a racist so to me the Chinese people are like everybody else.

The Mouth

(3,150 posts)
26. To me, buying American Made beats
Sat May 2, 2020, 10:46 AM
May 2020

race-baiting to cover the fact I don't give a shit about my fellow Americans, the environment, or the exploitation of workers overseas.
But enjoy your cheap crap made at the expense of slave labor and uncontrolled pollution.

DallasNE

(7,403 posts)
9. Predictable And Predicted
Fri May 1, 2020, 01:29 PM
May 2020

Yesterday I was reading an article that said Trump was planning on making China the election issue of 2020, blaming them for the worldwide problem being faced today and how he would claim Biden has appeased China for decades.

After I finished reading that I said to myself "watch, Trump will stir the pot and do something with tariffs to deflect from all of his problems". Only 24 hours later and Trump does just that. Still waiting for Trump to charge Biden with being soft on China for years but we know it is coming.

 

Steelrolled

(2,022 posts)
14. Tariffs will continue (at least to some degree) under Biden.
Fri May 1, 2020, 02:16 PM
May 2020

The threat of being beholden to China is not a partisan issue.

The Mouth

(3,150 posts)
16. It's not racist or nationalist to acknowledge
Fri May 1, 2020, 02:36 PM
May 2020

that they are playing a zero-sum game. They regard themselves as the only legitimate economic and military superpower in the world, and anything that transfers wealth or power to them from us is to be pursued. We may not be technically at war, but they have been at economic war with us since at least the 1970's.

muriel_volestrangler

(101,321 posts)
17. Because he's been called out on his BS; a tale told in LBN headlines:
Fri May 1, 2020, 03:33 PM
May 2020
https://www.democraticunderground.com/10142483290 U.S. intel community says coronavirus "not manmade or genetically modified"
https://www.democraticunderground.com/10142483573 Trump Officials Are Said to Press Spies to Link Virus and Wuhan Labs
https://www.democraticunderground.com/10142483608 Trump is 'increasingly unnerved' because his own campaign knows he's losing to Joe Biden: CNN report
https://www.democraticunderground.com/10142483785 GOP senator: 'We should explore' not paying US debt to punish China
https://www.democraticunderground.com/10142483840 Trump contradicts US intel by claiming he's seen evidence coronavirus originated in Chinese lab
https://www.democraticunderground.com/10142483863 Chinese lab conducted extensive research on deadly bat viruses, but there is no evidence of accident
https://www.democraticunderground.com/10142484026 U.S. not considering canceling debt held by China - Trump adviser

... so ...

Trump warns of new tariffs on China
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