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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 |
(about 4 hours later) | |
Financial markets showed signs of stabilizing on Tuesday, a day after China’s announcement of retaliatory tariffs on imports from the United States touched off Wall Street’s biggest loss in more than four months. | |
The S&P 500 rose modestly at the start of trading in New York, after European benchmarks recorded similar gains. Asian markets fell slightly. | |
The American stock benchmark rebounded off its steepest loss since early January, a drop that reflected the realization that the trade war between the United States and China is not likely to end anytime soon. | |
[Read more about the reasons investors have been rattled by the return of trade tension.] | |
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’ imposition of 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. | |
Still, public comments from Beijing Tuesday suggested that the uncertainty for investors was far from over. | |
“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. | “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. |
In Europe, France’s CAC 40 was up more than 1 percent by Tuesday afternoon. The Dax in Germany had risen 0.5 percent by the same time. In London, the FTSE 100 climbed 0.9 percent. | |
Hong Kong, which was closed on Monday for a holiday, led the declines in Asia. The Hang Seng Index lost 1.5 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 rising 0.14 percent. | South Korea bucked the regional trend, with the Kospi rising 0.14 percent. |