US Stocks Sink Amid China’s First Round of Retaliatory Tariffs

US Stocks Sink Amid China’s First Round of Retaliatory Tariffs
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AP Photo/ Richard Drew Business22:59 02.04.2018(updated 23:05 02.04.2018) Get short URL
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Financial markets in the United States took another tumble on Monday on the heels of China announcing tariffs in retaliation to US President Donald Trump’s decision to tax up to $60 billion worth of goods imported from China.

The Dow sunk from 24,076 at the start of trading on Monday to 23,467, a roughly 1.89 percent drop. The S&P 500 index, which tracks the 500 largest publicly traded companies on the New York Stock Exchange and Nasdaq, shed 64 points, or 2.42 percent.

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St. Louid Federal Reserve/Dow Jones Indices LLCDow Industrials Since Trump’s inauguration

Beijing announced tariffs up to 25 percent on at least 120 US products on April 2 as a way to offset losses incurred from Trump’s tariffs, which target aluminum, steel, and Chinese tech products.

According to Al Jazeera’s Adrian Brown, reporting from Beijing, the Chinese response is likely only the first of many rounds.

More details to follow. 

Source.