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Wall Street is Whipsawed (Again) as U.S.-China Trade War Grows | |
(32 minutes later) | |
Stocks on Wall Street swung between gains and losses on Friday, after the Trump administration imposed fresh tariffs on imports from China, escalating the trade war between the world’s largest economies. | |
After an early drop of more than 1 percent, the S&P 500 recovered much of its losses and was more than half a percent higher late in the day. | |
The trading was characteristic of swings this week that have reflected growing uncertainty about the fate of a trade deal between the United States and China. Even as a Chinese delegation traveled to Washington for a round of talks, President Trump repeatedly signaled his growing impatience with the status of the discussions — with each comment from the president whipsawing the stock market. | |
Early Friday, the administration raised tariffs to 25 percent from 10 percent on Chinese imports that are worth about $200 billion a year. President Trump said the increase came in response to Chinese officials attempting to “renegotiate” a pact aimed at calling a truce in the trade war. China said it would respond with unspecified countermeasures. | Early Friday, the administration raised tariffs to 25 percent from 10 percent on Chinese imports that are worth about $200 billion a year. President Trump said the increase came in response to Chinese officials attempting to “renegotiate” a pact aimed at calling a truce in the trade war. China said it would respond with unspecified countermeasures. |
Mr. Trump also said on Twitter that “there is absolutely no need to rush” on a trade deal, dampening hopes that an agreement would be reached quickly. | Mr. Trump also said on Twitter that “there is absolutely no need to rush” on a trade deal, dampening hopes that an agreement would be reached quickly. |
Later Friday, after the latest round of talks had ended, Steven Mnuchin, the Treasury secretary, told reporters that the discussions were “constructive,” and stock markets began to recover. | Later Friday, after the latest round of talks had ended, Steven Mnuchin, the Treasury secretary, told reporters that the discussions were “constructive,” and stock markets began to recover. |
Concerns about the ongoing trade battle overshadowed the trading debut of Uber. The ride-sharing company priced its public offering Thursday, which valued it at more than $82 billion, but shares fell from the I.P.O. price in early trading Friday. | Concerns about the ongoing trade battle overshadowed the trading debut of Uber. The ride-sharing company priced its public offering Thursday, which valued it at more than $82 billion, but shares fell from the I.P.O. price in early trading Friday. |
Yields on the 10-year Treasury note declined again, suggesting that investors continued to move money into the safety of government bonds. The yield on the 10-year note hovered around 2.45 percent in morning trading. Prices for soybeans, a top American export to China, slipped again and hovered near their lowest levels of the last decade. | Yields on the 10-year Treasury note declined again, suggesting that investors continued to move money into the safety of government bonds. The yield on the 10-year note hovered around 2.45 percent in morning trading. Prices for soybeans, a top American export to China, slipped again and hovered near their lowest levels of the last decade. |
In Europe, Germany’s Dax rose 0.7 percent and the CAC 40 in France was 0.3 percent higher. The FTSE 100 in London fell 0.06 percent. | |
Shares in China, which sometimes get a lift from state-run companies looking to buoy the market, rose sharply but gains elsewhere in Asia were more muted. | Shares in China, which sometimes get a lift from state-run companies looking to buoy the market, rose sharply but gains elsewhere in Asia were more muted. |
In China, the Shanghai Composite Index rose 3.1 percent, while the Shenzhen Composite Index rose 3.8 percent. | In China, the Shanghai Composite Index rose 3.1 percent, while the Shenzhen Composite Index rose 3.8 percent. |
The Hang Seng Index in Hong Kong rose 0.8 percent. In Japan, the Nikkei 225 index fell 0.3 percent after disappointing wage data there. South Korea’s Kospi index rose 0.3 percent. | The Hang Seng Index in Hong Kong rose 0.8 percent. In Japan, the Nikkei 225 index fell 0.3 percent after disappointing wage data there. South Korea’s Kospi index rose 0.3 percent. |