U.S. stocks resume slide as President Trump threatens to hit the European Union with 200% tariff.
Even good news on U.S. inflation isn’t assuaging jittery investors focused on the risks of a burgeoning global trade war.
Stocks in the U.S. opened slightly lower amid the latest salvo from President Trump, who on Thursday threatened to slap a 200% tariff on European Union exports of wine, champagne and other alcoholic beverages in retaliation for the trading bloc’s hiking of duties on American whiskey to 50%. The EU announced the measures in response to U.S. tariffs on foreign steel and aluminum taking effect on Wednesday.
«Trump’s trade agenda is dominating everything, and until there is a cessation in the daily escalation of threats and retaliation, stocks will struggle to rally», equity analyst Adam Crisafulli of Vital Knowledge told investors in a research note.
The S&P 500 fell 40 points, or 0.7%, to 5,559 shortly after the start of trade. The Dow Jones Industrial Average dropped 208 points, or 0.
