New York — Wall Street stocks tumbled in opening trading on Tuesday as fresh tariff threats by the US and China against each other exacerbated trade war fears. The broad-based S&P 500 dropped 0.7% to 2,753.79, and the tech-rich Nasdaq Composite Index also shed 0.7% to 7,690.81. US President Donald Trump said late on Monday that he had directed US Trade Representative Robert Lighthizer to target $200bn worth of Chinese imports for a 10% levy, citing China’s "unacceptable" move to raise its own tariffs. This prompted a sharp response from Beijing, with China’s commerce ministry accusing the US of "extreme pressure and blackmail". "If the US acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures," the ministry said. Trade-war fears had ebbed somewhat in recent weeks after pressuring stocks earlier in the spring. But analysts said markets remained guarded over the i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.