By Damian J. Troisé, associate commercial writer
NEW YORK (AP) – Actions fell in the morning trade to Wall Street on Tuesday while a trade war between the United States and its main trade partners has increased, annihilating all the gains for the S&P 500 since the day of the ballot.
The prices between the United States, China, Canada and Mexico have contributed to extending a recent collapse for American actions that have been caused by signs of weakness in the economy.
The S&P 500 fell by 1.4%, weighed down by almost all sectors, with the exception of real estate and public services, which are generally considered to be relatively safer investments.
The industrial average of Dow Jones lost 580 points, or 1.3%, at 10:04 am East time. The Nasdaq composite fell 1.4%.
The markets in Europe have dropped sharply while stocks in Asia have experienced more modest decreases.
The drops follow a steep sale on Monday. In total, the decline has destroyed all the market gains since the election of President Donald Trump in November. The concerns about prices increasing consumer prices and released inflation weighed both on the economy and to Wall Street.
Imports from Canada and Mexico must now be taxed at 25%, Canadian energy products subject to 10% import rights. The 10% price that Trump imposed on Chinese imports in February was 20% doubled.
The reprisals were rapid.
China has reacted to new American prices by announcing that it will impose additional prices of up to 15% on imports of key products from the American farm, including chicken, pork, soybeans and beef, and widening controls on business with the main American companies. Canada plans to slap prices on more than $ 100 billion in American products in 21 days. Mexico also provides prices on goods imported from the United States
The prices cause retailers, including Target and Best Buy because they report their latest financial results. The goal dropped by 4.9% despite the fact that Wall Street’s profits. There will be “significant pressure” on its profits to start the year due to prices and other costs.
Best Buy plunged 13.9% after giving investors a lower than expected profits forecast and a warning concerning pricing.
Originally published:
California Daily Newspapers
