President Donald Trump is close to releasing a list of $200 billion worth of Chinese goods subject to tariffs, according to multiple reports late Tuesday, signaling a further escalation in the China trade war. Dow futures, along with S&P 500 futures and Nasdaq futures, fell after hours. So did Dow Jones stocks Apple (AAPL), Boeing (BA) and Caterpillar (CAT), as well as Tesla, NXP Semiconductors (NXPI) and other China-tied stocks.
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President Trump imposed tariffs on $34 billion in Chinese goods on Friday, with Beijing immediately retaliating on an equal amount of U.S. goods. The U.S. is set to roll out tariffs on $14 billion more in Chinese wares in a couple of weeks. Just before the U.S.-China trade war got underway, Trump said he was ready to impose tariffs on an additional $200 billion in Chinese goods, and more beyond that.
Trump likely will release the new China tariff list today, according to multiple reports.
Dow Futures Retreat
The Dow Jones, S&P 500 index and Nasdaq composite rose modestly in Tuesday’s stock market session. In late trading, Dow futures fell 0.6% vs. fair value. S&P 500 futures slid 0.5%. Nasdaq 100 futures retreated 0.5%.
Apple stock fell 0.7%, Boeing stock 1.2% and Caterpillar 1.2%. The Dow Jones components are not subject to current tariffs but could be at risk from an escalating China trade war.
Tesla, which announced plans for a Shanghai plant, dipped 0.8%. NXP Semiconductors fell 1.5%. Chinese regulators have held up NXP’s takeover by Qualcomm (QCOM).
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Originally posted 2019-09-19 23:16:42.
