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.
