The Trump administration said Monday that it will move forward with a threat to increase tariffs on $200 billion of Chinese goods later this week.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin said China reneged on previous commitments over the weekend, undermining progress towards a detailed trade agreement.
As of Friday, penalties on $200 billion of Chinese goods will be lifted to 25% from 10%. President Trump has also warned that he could tax nearly all Chinese exports to the US.
The big question for investors is whether a deal can be salvaged when Chinese officials arrive in Washington later this week. Beijing is still sending its top trade negotiator.
Stock markets in China stabilized Tuesday after a sharp sell-off on Monday. US markets were also able to recover most of their lost ground after a steep initial plunge.
S&P 500 and Dow futures were down roughly 0.4% on Tuesday. Fears appeared to be waning in Europe and Asia, where stocks were mixed.
https://www.cnn.com/business/live-news/stock-market-news-today-050719/index.html
2019-05-07 10:14:00Z
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