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Stocks Stabilize as U.S.-China Trade War Enters New Stage Stocks Stabilize as U.S.-China Trade War Enters New Stage
(30 minutes later)
Financial markets showed signs of stabilizing on Tuesday, one day after China’s retaliatory tariffs against imports from the United States rattled Wall Street.Financial markets showed signs of stabilizing on Tuesday, one day after China’s retaliatory tariffs against imports from the United States rattled Wall Street.
Still, China’s public comments suggested the uncertainty is far from over. Still, public comments from Beijing suggested that the uncertainty was far from over.
Asian markets fell broadly but more modestly than Wall Street. European markets opened somewhat higher. Futures markets were predicting that Wall Street would open higher after Monday’s 2.4 percent decline. Asian markets fell broadly but more modestly on Tuesday than those on Wall Street did the day before. European markets opened slightly higher. Futures markets were indicating that Wall Street would open higher after the 2.4 percent decline on Monday.
China on Monday announced plans to raise tariffs on American-made goods worth nearly $60 billion a year, after the United States raised tariffs on $200 billion worth of Chinese imports. The dueling tariff increases will not hit the global economy right away, as they will not come into full force for several weeks. President Trump said on Monday that he would meet with Xi Jinping, China’s top leader, next month in Japan. Beijing announced plans on Monday to raise tariffs on nearly $60 billion a year of American-made goods, a move that followed the United States’ raising tariffs on $200 billion a year of imports from China. The dueling tariff increases will not hit the global economy right away, as they will not come into full force for several weeks. President Trump said on Monday that he would meet with his Chinese counterpart, Xi Jinping, next month in Japan.
The prospects of a deal from that meeting isn’t clear. On Tuesday, the Chinese government reaffirmed its defiant stance. The prospects of striking a deal in that meeting were not clear. On Tuesday, the Chinese government reaffirmed its stance.
“China does not want or wish for a trade war, but it is by no means afraid of one,” said Geng Shuang, a spokesman for China’s Foreign Ministry, at a daily news briefing. “If someone brings the war to our doorstep, we will fight it to the end. “China does not want or wish for a trade war, but it is by no means afraid of one,” Geng Shuang, a spokesman for the Chinese Foreign Ministry, said at a daily news briefing. “If someone brings the war to our doorstep, we will fight it to the end,” he added.
Hong Kong, which was closed on Monday for a holiday, led the declines in Asia. The Hang Seng Index fell 1.5 percent. After opening higher, the CAC 40 in France was up 0.9 percent by late morning. The Dax in Germany had risen 0.4 percent by the same time. In London, the FTSE 100 climbed 0.8 percent.
In China, the Shanghai Composite Index and the Shenzhen Composite Index both fell 0.7 percent. Hong Kong, which was closed on Monday for a holiday, led the declines in Asia. The Hang Seng Index lost 1.5 percent.
The Nikkei 225 index in Japan fell 0.6 percent. In China, the Shanghai Composite Index and the Shenzhen Composite Index both fell 0.7 percent, while Nikkei 225 in Japan dropped 0.6 percent.
South Korea bucked the regional trend, with the Kospi index rising 0.2 percent. South Korea bucked the regional trend, with the Kospi rising 0.14 percent.
European markets opened higher. In Paris, the CAC 40 index was 0.8 percent higher, while the DAX in Germany was 0.4 percent higher.
In London, the FTSE 100 index opened 0.6 percent higher.