Stocks sink as investors fret over volley of tariffs
CBSN
Even good news on U.S. inflation isn't assuaging investors spooked by the prospects of a global trade war.
Stocks in the U.S. opened slightly lower amid the latest salvo from President Trump, who on Thursday threatened to slap a 200% tariff on European Union exports of wine, champagne and other alcoholic beverages in retaliation for the trading bloc's hiking of duties on American whiskey to 50%. The EU announced the measures in response to U.S. tariffs on foreign steel and aluminum taking effect on Wednesday.
"Trump's trade agenda is dominating everything, and until there is a cessation in the daily escalation of threats and retaliation, stocks will struggle to rally," equity analyst Adam Crisafulli of Vital Knowledge told investors in a research note.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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