Wall Street trades lower after US threatens more tariffs on Chinese goods

2018-07-11 18:54:47 GMT (Economies.com)
Wall Street trades lower after US threatens more tariffs on Chinese goods

US stock indices traded lower in the third session of the week after the US threatened to impose tariffs on up to $200 billion worth of Chinese products, rekindling fears of an escalated trade dispute between the two economic giants. 

 

US trade representative Robert Lighthizer said a suggested 10% tariff on Chinese products will take up to two months for deliberation to allow public discussion before going into effect. 

 

China imposed tariffs ranging from 33.3% to 78.2% on US optical fiber products this week to counter flooding the market with these imports, up from 4.7% to 18.7% in previous rates. 

 

That comes after US imposed a 25% tariff on $34 billion worth of Chinese products last Friday, with China responding with similar ones. 

 

US Inflation 

 

Otherwise, earlier US data showed producer prices rose 0.3% in June, slowing down from 0.5% in May and beating estimates of 0.2%, while core prices rose 0.3%, same as before and also beating forecasts of 0.2%. 

 

Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled to speak at the Virginia Society of Certified Public Accountants, while Federal Reserve Bank of New York President John Williams is due to speak about the local economy at a town hall event, in Brooklyn later today. 

 

Stock Performance 

 

As of 02:24 GMT, Standard and Poor's 500 fell 0.36%, or 9.98 points to 2,783.86, while Dow Jones declined 0.56%, or 140.27 points to 24,779.39. 

 

Tech-heavy NASDAQ slipped 0.21%, or 16.57 points to 7,742.62. 

 
 
 
  Symbol Last Change Chg.%
1.1691
0.0060
0.5167%
1.3190
0.0120
0.9162%
14.191
0.124
0.885%
71.070
2.083
3.019%
79.46
0.06
0.08%
1201.560
7.785
0.652%
 
 
US
 
Europe
 
Asia