Stocks Tumble After Trump Slaps Tariffs on $60B in Chinese Imports

Sputnik News – March 22, 2018

Stock markets in the US and around the world fell off track Thursday on the heels of US President Donald Trump’s signing of a presidential memorandum that can impose tariffs on billions of dollars of goods imported from China.

The Dow Jones Industrial Average sunk 2.93 percent (723 points) and the S&P 500 Index shed 2.42 percent (70 points) at the close of trading on Thursday. The Dow’s daily slump was the biggest decrease since early February.

“The market doesn’t like trade wars, the market doesn’t like that the Fed is adamant about raising rates,” Matt Schreiber, president of WBI Investments, told Bloomberg.

Equity markets worldwide slumped. Japan’s Nikkei 225 was the lone outlier, jumping 1 percent, or about 211 points.