Donald Trump says people and companies will have to suffer……
Market loses cost Trump’s friends money…
Lets see how this goes….
Stocks fell sharply Thursday after Bloomberg reported the Trump administration could follow through with tariffs on roughly $200 billion worth of Chinese imports as soon as a public comment period ends next week. A rally in technology stocks had helped bring stocks to record highs in the four previous sessions.
Here’s the scoreboard:
Dow Jones industrial average: 25,986.99 −137.58 (-0.53%)
S&P 500: 2,901.03 −13.01 (-0.45%)
Nasdaq Composite: 8,088.36 −21.32 (0.26%)
Another round of US tariffs would bring the running total of targeted Chinese products to $250 billion and is poised to affect consumers more than the levies already enacted.
Beijing, which was swift to counter Trump’s tariffs with its own tariffs on US products, would almost certainly retaliate against the move. While China doesn’t import enough from the US to match the duties dollar-for-dollar, it could increase tariff rates or use qualitative measures like creating administrative headaches for American companies.
Shares of large-cap industrial stocks like Caterpillar (-2%) and Boeing(-1%) were among the losers following the report. Offshore, the Chinese yuan sank 0.7% against the dollar, and Treasury yields edged lower…..
$200B in tariffs could go in effect against goods from China soon….
Trump has mentioned ANOTHER $265B in his pocket,…
That would mean import taxes on just about EVERYTHING made in China coming here to America…..
Trump is trying to force China to come to the table…..
China has Not budged…
There is NO NAFTA agreement so far with Mexico amd Canada either,…
….In real life, Trump’s tariffs are unlikely to inflict enough pain on China to compel Xi to make concessions. Its huge domestic market is becoming more important to Chinese growth. But beyond even that, Beijing’s entire economic strategy is designed to replace critical foreign technology and products with homegrown alternatives it can control. Simply, the Communist Party prefers Chinese to buy Xiaomi phones and Geely cars, not iPhones ….
Bloomberg….