Investors are losing faith that a U.S.-China trade deal could happen soon and ar...
NEW YORK - Investors are losing faith that a U.S.-China trade deal could happen soon and are bracing their portfolios for a more prolonged battle that could hamper global growth.
China on Monday said it would impose tariffs ranging from 5% to 25% on 5,140 U.S. products on a target list worth about $60 billion from June 1, striking back after the United States raised duties last week. Among concerns for stock investors, a collapse of U.S.-China trade discussions could hurt the earnings outlook. Investors expect tariffs could lift corporate costs and lower profit margins, while continued uncertainty surrounding a trade deal will hinder the ability of companies to plan or make capital expenditures.
Optimism that the United States was close to a trade deal with China had been one of the pillars of this year’s stock market rally. The S&P 500 returned to record highs in recent weeks and is still up 12.2% since Dec. 31. Ten-year yields fell below those on three-month Treasury bills. A sustained inversion of this part of the yield curve has preceded every U.S. recession in the past 50 years.
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