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Trump Panics Stock Market, Falls 500-Points After Tweet Announcing New China Tariffs

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Trump Panics Stock Market, Falls 500-Points After Tweet Announcing New China Tariffs




President Donald Trump on Thursday threatened in a tweet to impose new tariffs on virtually all remaining Chinese imports.

The president announced the U.S. will impose an additional 10 percent tariff on $300 billion in Chinese imports starting next month.

The surprise tweet just before 1:30 p.m. sent Wall Street tumbling on the news, with the Dow Jones Industrial Average falling over 500 points, from a 300-point gain to a decline of over 200 points.



The Nasdaq composite and S&P 500 also lost gains of more than 1 percent, also turning negative on the day following Trump’s announcement.

Trump said that while two days of trade talks between the U.S. and China in Shanghai this week were constructive, he decided to impose new tariffs because of a series of broken promises from Beijing.

“We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing. More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so,” Trump said in a series of tweets. “Additionally, my friend [Chinese] President Xi [Jinping] said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die!”





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