Sunday, 09 May, 2021


US Stock Futures Tumble as Trump Signals More China Tariffs

S&P 500 eyes best three-day gain since Trump's election S&P 500 eyes best three-day gain since Trump's election
Bennie Garza | 07 April, 2018, 06:16

"In light of China's unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs", Trump said in a statement released by the White House.

Stocks took another deep dive Friday, as fears of a global trade war continued to escalate in the wake of President Trump's threat to slap China with another $100 billion worth of tariffs.

The new tariffs will reportedly target Chinese robotics, communication technology and information tech.

The Dow Jones industrial average dropped 572 points, or 2.3%, landing at 23,933 points, a 10% drop from its record high in January. Caterpillar fell 2.1 percent and Deere dropped 1.2 percent.

White House press secretary Sarah Huckabee Sanders, meanwhile, praised the President for strengthening the USA economy, ignoring a Labor Department report noting that only 103,000 jobs were added in March, falling short of the 185,000 that economists had predicted.

"Any escalation in the trade war rhetoric would be more negative for China than the US given the former's relative dependency on trade but for now, the markets are focused on the payrolls data", said Richard Falkenhall, a senior currency strategist at SEB in Stockholm.

Shares of Boeing, the single largest US exporter to China, fell 2.4 percent, leading the losses among big USA manufacturers. The president's top economic adviser said the US and China are holding "back-channel discussions" to resolve an escalating trade dispute that has unsettled global financial markets.

Bond prices rose, sending yields lower.

Benchmark U.S. crude dropped $1.48, or 2.3 percent, to $62.06 a barrel in NY while Brent crude, used to price worldwide oils, lost $1.22, or 1.8 percent, to $67.11 per barrel in London. The lower yields mean banks can't make as much money from lending, and that send bank stocks lower. Heating oil lost 2 cents to $1.96 a gallon.

Apple skidded $3.46, or 2 per cent, to $169.34 and Cisco Systems declined 98 cents, or 2.4 per cent, to $40.84.

Gold rose $7.60 to $1,336.10 an ounce. Copper fell 2 cents to $3.06 a pound.

Average hourly earnings are expected to have risen 0.2 percent last month after edging up 0.1 percent in February.

Against the yen, which as a safe haven currency tends to be among the most sensitive to global economic uncertainty, the dollar was flat.

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