Trump warns China trade spat will worsen as Beijing retaliates
With trade tensions flaring between Beijing and Washington, Trump said in a series of tweets that China shouldn’t take countermeasures against U.S. tariffs — a plea Beijing ignored.
U.S. stocks opened sharply lower after China said it would raise tariffs on about $60 billion worth of U.S. imports beginning June 1. Beijing’s move came after the U.S. raised tariffs on Friday to 25% from 10% for $200 billion in goods from China. The Dow Jones Industrial Average DJIA, -2.15% fell nearly 500 points at the opening bell, and the S&P 500 SPX, -2.14% dropped 1.3% while the Nasdaq COMP, -2.80% retreated 2.4%.
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