Rally in US stocks evaporates as White House doubles down on China tariffs
CNN
What was a massive rally on Wall Street has turned into yet another sizeable decline.
What was a massive rally on Wall Street has turned into yet another sizeable decline. Cheap stocks and hope for signs of trade negotiation sent markets surging Tuesday morning — but that relief rally evaporated as the White House said it would levy enormous tariffs on China. US stocks fell solidly into the red in the afternoon. The Dow was down 240 points, 0.6%. The broader S&P 500 fell 1.3%. The tech-heavy Nasdaq Composite slid 1.8%. Markets fell because President Donald Trump is set to impose an additional 84% in levies across all Chinese imports on Wednesday, White House Press Secretary Karoline Leavitt announced Tuesday. That will mean all goods from the country are subject to a tariff of at least 104%. The S&P 500 and Nasdaq, which had surged as much as 4% and 4.5%, respectively, Tuesday morning, tumbled midday as Leavitt spoke to reporters. The loss for the Dow comes after the blue-chip index surged as much as 3.85% on Tuesday morning. “We’re not anywhere out of the woods yet, and so that sort of tempers things,” said Thomas Martin, senior portfolio manager at Globalt Investments.
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In normal times, the Federal Reserve would more or less ignore an oil price shock like the one we’re in now.
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Fed officials didn’t make any rate moves at their March meeting and released an updated forecast for the path of the American economy as the war in Iran stretches on.
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A federal judge says the Trump administration must let more than 1,000 sidelined Voice of America employees return to work by next week.
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