Major US stock indices plummeted and moved to negative territory after US President Trump announced additional duties on imports of new goods from China.
Trump announced an additional 10% duty on goods from China in the amount of $ 300 billion, and noted that the additional duty will start on September 1. “We look forward to continuing a constructive dialogue with China on a trade agreement. We thought we made a deal with China three months ago, but unfortunately, China decided to review its terms. The next round of trade negotiations with China is still scheduled for September, ”said Trump.
Trump said that, in his opinion, Xi wants a trade agreement, but “to be honest, he is not fast enough.” Trump also said that the main burden of duties falls on China, not on American consumers, and added that “if China doesn’t want to trade with us anymore, that’s fine with me "
Trump later said that the latest rates could be raised above 25%. He also warned that he could lower or increase tariffs depending on how the negotiations go. Trump also said that new tariffs will be introduced for the "short-term" period.
Most DOW components completed trading in the red (23 out of 30). Outsiders were the shares of The Goldman Sachs Group, Inc. (GS; -3.87%). The biggest gainers were International Business Machines Corporation (IBM; + 1.40%).
Almost all sectors of the S & P recorded a decline. The raw materials sector declined the most (-2.5%). Only the utilities sector grew (+ 0.9%).
At the time of closing:
Dow 26,583.42 -280.85 -1.05%
S & P 500 2,953.56 -26.82 -0.90%
Nasdaq 100 8,111.12 -64.30 -0.79%
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