The Dow was down 617 points at closing on Monday afternoon after China said it would raise tariffs on approximately $60 billion worth of U.S. imports as retaliation for extra tariffs on Chinese products.
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Trade talks in between the United States and China ended without a deal Friday afternoon. President Donald Trump announced recently he would raise tariffs on $200 billion worth of Chinese imports.
Quickly before markets opened Monday, China revealed it would implement the brand-new tariffs starting June 1.
Trump fired off a series of tweets in which he duplicated an incorrect claim that the U.S. customer does not need to spend for tariffs. In reality, tariffs would cause costs on numerous durable goods to increase.
There will be nobody left in China to do service with. Really bad for China, excellent for USA! However China has actually taken so advantage of the U.S. for many years, that they are way ahead (Our Presidents did refrain from doing the task). For that reason, China ought to not retaliate-will only worsen!
— Donald J. Trump (@realDonaldTrump) May 13, 2019
The president also appealed to Chinese President Xi Jinping in his tweets, claiming China will be “injured really badly” if he does not make a deal.
The U.S. and China had been making development toward a final trade deal but a tentative arrangement all but fell apart recently after the Chinese sought to make revisions to the offer, the White Home stated. It’s not clear when the trade agents will reunite.