U.S. equities and commodities are taking a hit as trade war tensions between the U.S. and China continue to escalate by theothersarahh
U.S. equities and commodities took a hit Monday as trade war tensions between the United States and China continued to escalate, shocking a market that had recently rallied from December’s major lows.
This morning, China announced retaliatory tariffs on an additional $60 billion in exports from the United States—mostly farm products, including wheat, chicken and sugar—following yet another round of new U.S. tariffs announced last week, which raised duties on $200 billion in Chinese exports from 10% to 25% and threatened additional tariffs of 25% on $300 billion in goods.
Until now, according to a research note from this morning by JPMorgan Funds’ chief global strategist David Kelly, “the U.S. appears to have sailed through the impact of these tariffs and foreign retaliation partly because of the U.S.’s smaller dependence on exports as a share of GDP and partly because of massive stimulus supplied by the Tax Act of 2017.”
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