Stocks drop as Trump claims China has ‘violated’ trade agreement
CNN
Stocks fell Friday after President Donald Trump said China has “totally violated” its trade agreement with the United States, sending another jolt to markets after a whiplash week of tariff developments.
Stocks fell Friday after President Donald Trump said China has “totally violated” its trade agreement with the United States, sending another jolt to markets after a whiplash week of tariff developments. The Dow was down 130 points, or 0.3%. The broader S&P 500 and the tech-heavy Nasdaq Composite both slid by 0.35%. “The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” the president posted on social media. “So much for being Mr. NICE GUY!” Wall Street has been cautious about the next steps in Trump’s trade war. Stocks had received a boost this week after the Court of International Trade late Wednesday blocked most of Trump’s tariffs on legal grounds, but that rally lost steam as traders bet the White House would aggressively appeal and pursue another legal strategy. A federal appeals court on Thursday paused the CIT’s ruling to block Trump’s tariffs, leaving the president’s massive tariff agenda in limbo as the courts deliberate its legality. “The stunning, head-spinning, mind-boggling trade fiasco will not be resolved quickly,” said Greg Valiere, chief US policy strategist at AGF Investments, in a note. “It probably will land in the Supreme Court — and even that may not settle the issue.”
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