Dow dives 470 points as escalating U.S.-China trade war threatens global economy
By Thomas Heath Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area Email Bio Follow May 13 at 10:24 AM U.S. markets plunged Monday as China said it would raise steep tariffs on $60 billion in U.S. goods, raising the stakes of a trade war that threatens to imperil the global economy.
“Today’s tit-for-tat in U.S./China trade tariffs has exacerbated tumbling futures out of fear that tensions could trigger a global recession,” said Sam Stovall, chief investment strategist at CFRA Research.The drama began last week after President Trump last week imposed a 25 percent tariff on $200 billion of Chinese imports to the United States. He also told aides to begin plans to hit more than $300 billion in other Chinese goods.
The tankers were subjected to an “act of sabotage” early Sunday morning in waters off the coast of the United Arab Emirates, according to a statement by the Saudi Minister for Energy, Industry and Mineral Resources, Khalid Al-Falih carried by the official Saudi news agency. “Stock investors are in risk-off mode this morning as Trump’s trade war with China seems to be escalating while negotiations seem to be breaking down,” said Ed Yardeni, president of Yardeni Research. “Adding to the geopolitical tumult is mounting tension in the Middle East following the sabotaging of Saudi oil tankers over the weekend.”
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