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Stocks Fall as China Responds to U.S. Tariffs Stocks Fall as China Responds to U.S. Tariffs
(32 minutes later)
Stocks fell on Wall Street again on Monday, after Beijing said it would impose new levies on goods from the United States in response to tariffs imposed by the Trump administration on Chinese imports last week.Stocks fell on Wall Street again on Monday, after Beijing said it would impose new levies on goods from the United States in response to tariffs imposed by the Trump administration on Chinese imports last week.
China’s finance ministry said that starting June 1, it would raise tariffs on a wide range of American goods to 20 or 25 percent from 10 percent.China’s finance ministry said that starting June 1, it would raise tariffs on a wide range of American goods to 20 or 25 percent from 10 percent.
[Read more about China’s response here.][Read more about China’s response here.]
The S&P 500 fell more than 1.5 percent at the start of trading in New York, with an especially sharp tumble among semiconductor shares. Chip companies are particularly vulnerable to trade tensions with China, because they are dependent on production networks in Asia. The S&P 500 fell more than 1.5 percent at the start of trading in New York, with an especially sharp tumble among semiconductor shares. Chip companies are particularly vulnerable to trade tensions with China because they are dependent on production networks in Asia.
Shares of Apple, which counts China as a major market for its devices and also manufactures in the country, were down more than 5 percent, while aircraft maker Boeing fell more than 3 percent.
The sell-off in the United States continued last week’s market weakness, when the S&P 500 dropped 2.2 percent in its worst weekly performance of the year. Stocks in Europe added to earlier losses in afternoon trade on Monday, with the CAC 40 index in France and the Dax in Germany down by more than 1 percent.The sell-off in the United States continued last week’s market weakness, when the S&P 500 dropped 2.2 percent in its worst weekly performance of the year. Stocks in Europe added to earlier losses in afternoon trade on Monday, with the CAC 40 index in France and the Dax in Germany down by more than 1 percent.
The recent turbulence has been notable for a stock market that soared in the first four months of the year, hitting a record high in April. The shift began after President Trump dashed hopes that a trade deal between the world’s two largest economies was near, instead threatening more action by the United States government and promising that his administration would take its time to reach a deal.The recent turbulence has been notable for a stock market that soared in the first four months of the year, hitting a record high in April. The shift began after President Trump dashed hopes that a trade deal between the world’s two largest economies was near, instead threatening more action by the United States government and promising that his administration would take its time to reach a deal.
On Friday, Mr. Trump raised tariffs on $200 billion worth of Chinese-made goods. Talks between American and Chinese officials in Washington ended that day with the two sides still far apart on a number of issues.On Friday, Mr. Trump raised tariffs on $200 billion worth of Chinese-made goods. Talks between American and Chinese officials in Washington ended that day with the two sides still far apart on a number of issues.
[Read more about the last week’s stock market turbulence.][Read more about the last week’s stock market turbulence.]
In Asia, where trading ended before Beijing’s tariff announcement, the Shanghai Composite Index fell 1.2 percent, and the Shenzhen Composite Index fell 1.1 percent. In South Korea, the Kospi index fell 1.4 percent, Taiwan’s Taiex index fell by a similar amount and Japan’s Nikkei 225 index lost 0.7 percent.In Asia, where trading ended before Beijing’s tariff announcement, the Shanghai Composite Index fell 1.2 percent, and the Shenzhen Composite Index fell 1.1 percent. In South Korea, the Kospi index fell 1.4 percent, Taiwan’s Taiex index fell by a similar amount and Japan’s Nikkei 225 index lost 0.7 percent.