U.S. stock futures tumble after Trump threatens China with tariff hike GlobeBusiness
Wall Street stock index futures fell sharply on Sunday after U.S. President Donald Trump said he would hike U.S. tariffs on $200 billion worth of Chinese goods this week and soon target hundreds of billions more.
Investors were taking risk off the table on concerns that Trump’s threat would halt progress in talks between the world’s biggest economies, especially since some recent gains in U.S. equities were due to optimism they would reach a deal.“It’s obviously not good news for the market. The administration had sent signals an agreement was close before.
“I wouldn’t be surprised if we catch a bounce between now and tomorrow morning. With the president it could be a negotiating tactic,” said O’Rourke.“The next important thing is the reaction from China. Should China cancel the trip that becomes a bigger problem. People came into this weekend expecting there was a good chance we’d have a trade deal next Friday,” said O’Rourke.“A deal with China has already been essentially priced in, if not fully.
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