WASHINGTON (AP) – The Latest on the escalating trade war between the U.S. and China, the world’s two largest economies (all times local):
Stocks are falling sharply on Wall Street after President Donald Trump said he would respond to China’s latest tariff increase and called on U.S. companies to consider alternatives to doing business in China.
Trump on Friday also ordered UPS, Federal Express and Amazon to block any deliveries from China of the powerful opiod drug fentanyl.
The Dow Jones Industrial Average sank more than 300 points after the president made the announcements on Twitter.
The stocks of all three companies the president mentioned also dropped as traders tried to understand what the implications for them were.
Stocks had been wavering between gains and losses earlier after China said it would retaliate against the latest round of tariffs imposed by Washington with duties on $75 billion of U.S. products.
President Donald Trump in a series of tweets is ordering all U.S. companies with operations in China to begin looking for alternatives in response to retaliatory tariffs from Beijing.
Trump on Friday said that he will respond in hours to an announcement Friday that China was retaliating to U.S. tariffs with a slate of its own protective measures.
Trump is also ordering Fed Ex, Amazon, UPS and the U.S Postal Service to begin searching for fentanyl in all packages from China.
Early on Friday, China said it would put into place tariffs on $75 billion in U.S. products in retaliation for the Trump administration’s latest planned tariff hikes.
China is putting into place tariffs on $75 billion in U.S. products in retaliation for the Trump administration’s latest planned tariff hikes.
China said Friday that it will also increase import duties on U.S.-made autos and auto parts. The retaliation pulled global markets into negative territory
Tariffs of 10% and 5% will take effect on two batches of goods on Sept. 1 and Dec. 15. Beijing gave no details of what goods would be affected but the timing matches Trump’s planned hikes.