Stock-market futures lower as fear of U.S.-China trade war persists
Wall Street braced for further losses Tuesday as stock futures slumped on simmering trade tensions, with U.S. officials confirming that China tariffs would be raised by the end of the week.
What’s driving markets? U.S. Trade Representative Robert Lighthizer said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday. The prospect of higher tariffs had been first raised on Sunday by President Donald Trump, rattling investors who had anticipated that better progress toward a near-term resolution between the two superpowers.
U.S. officials said that tariffs on those Chinese goods will rise from 10% to 20% at 12:01 a.m. Eastern time Friday, and markets will likely be monitoring China for further reaction. Despite the trade worries, markets managed a powerful rebound on Monday, clawing back from steep declines early in the session in apparent response to Trump’s tweets about increase China import levies.
What are analysts saying? “The overriding concern here is that Trump has single-handedly halted the recent recovery in risk appetite by potentially derailing trade talks,” said Jasper Lawler, head of research at London Capital Group, in a note to traders.
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