Breaking News: Dow tumbles more than 450 points after Trump threatens new tariffs on Chinese imports, adding fresh tension to trade talks
China's benchmark Shanghai Composite index dived Monday after President Trump threatened to impose more tariffs on Chinese goods. By Thomas Heath Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area Email Bio Follow May 6 at 9:33 AM U. S. markets tumbled Monday as global fears of a trade meltdown between the U.S. and China resurrected worries of an economic slowdown.
The president threatened to increase tariffs from 10 percent to 25 percent on $200 billion worth of Chinese goods on Friday, then follow up with a new 25 percent fee on all remaining Chinese imports “shortly” thereafter. The surprise move jeopardized talks as the two largest economies in the world appeared headed for a deal.
The market volatility returned after a relatively peaceful first four months of the year that saw corporate earnings grow and the markets grow with them — with some touching all-time highs. The Dow is up 13.6 percent in the first four months and the Nasdaq has climbed a startling 23 percent, mostly on the back of the FAANG stocks — Facebook, Amazon, Apple, Netflix and Google parent Alphabet.
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