President Donald Trump, left, and China’s leader, Xi Jinping, in Osaka, Japan, on June 29, 2019. (NYT File Photo)
Trump on Tariffs News Live Updates: US Stocks edged higher on Friday as traders digested the latest tariff developments to close out one of the most volatile weeks on Wall Street. The S&P 500 rose 0.2%, the Nasdaq Composite gained 0.4%, while the Dow Jones Industrial Average hovered near the flatline. This comes after China has raised its tariffs on US products to 125% in the latest salvo of the trade dispute with Washington, just hours after Xi Jinping said there were “no winners in a tariff war”. Markets had swung sharply during the week, with Thursday seeing a steep sell-off amid trade policy uncertainty, reversing part of Wednesday’s historic rally after President Trump announced a 90-day pause on some of his steep “reciprocal” tariffs.
US stocks plummet amid trade wars: US stocks plummeted on Thursdaywith the S&P 500 down 2.1% and the Nasdaq Composite index falling 2.7%, as investors weighed the impact of new US-China tariffs on the tech sector. The trade tensions escalated after President Trump raised duties on Chinese imports to 125%prompting Beijing to retaliate with 84% tariffs, effective Thursday. This move marked a significant increase in the ongoing trade war, with President Trump having raised tariffs on Chinese goods by a total of 145% since taking office. The worsening trade war led to a 4% drop in US stocks in early afternoon trading.
Indian markets surge in early trade: While Western and Asian markets tanked on Thursday, India’s Sensex and Nifty soared in the early trade hours of Friday. This came shortly after the US administration decided to pause the imposition of tariffs on India and other countries by 90 days. The 30-share BSE benchmark Sensex jumped 1,210.68 points to 75,057.83 in early trade. The NSE Nifty surged 388.35 points to 22,787.50.
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