Categories U.S. Markets News

Trump effect and trade war: Markets slip on unclear China-US deal negotiations

The Dow Jones Industrial Average slipped more than 600 points on Tuesday as speculations on US-China deal hinted at a no deal regarding trade. Even as the dollar reversed losses, the S&P 500, Dow Jones and Nasdaq indices shed Monday gains.

Japan stocks fell after Trump administration officials were unable to explain any specifics of the trade agreement with China. Shanghai and Hong Kong stocks were less affected as yuan climbed.

Trump effect and trade war: Tariffs imposed by the United States on the world in 2018

There are speculations that there is a halt in tariffs on both sides, but any meaningful resolution is yet to be formalized.

Apple (AAPL), Boeing (BA) and Caterpillar (CAT) pushed the Dow Jones Industrial Average to lower levels, with banks losing the most. Bank of The bear movements of America (BAC), JPMorgan (JPM) and Wells Fargo (WFC) added to shedding.

Larry Kudlow, who is US President Donald Trump’s top economic adviser, said that Washington still does not have a deal with China to cut tariffs on US-made automobiles. This was in contrast to a Trump tweet a few days ago where he stated that “China has agreed to reduce and remove tariffs on cars coming into China from the US.” The discrepancy has hit expectations, adding to the stock slump back home.

Trump effect and trade war: Retaliatory tariffs by the world on United States in 2018

China, which bore the brunt of most tariffs from the Trump administration, retaliated from July by raising tariffs on almost every US item entering the Asian country. China has only about $20 billion worth US imports left to impose tariffs on — commercial aircraft is $16 billion of it.

Hope has been running high on a meaningful deal to be struck between the two countries that impact many giant firms on both sides. But till official word from any office is out, the market looks to react to speculation.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Key highlights from Exxon Mobil Corporation’s (XOM) Q3 2024 earnings results

Exxon Mobil Corporation (NYSE: XOM) reported its third quarter 2024 earnings results today. Total revenues and other income remained relatively flat at $90 billion compared to the same period a

AAPL Earnings: Apple Q4 2024 sales rise 6% YoY, beat estimates

Apple Inc. (NASDAQ: AAPL) reported an increase in revenues for the fourth quarter of 2024. The top line came in above estimates. The gadget giant generated revenues of $94.9 billion

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top