Wall Street falls amid fears of trade war with China

From Reuters - March 14, 2018

NEW YORK (Reuters) - U.S. stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for U.S. companies.

The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, the White House said Wednesday.

Trump is looking to levy tariffs on up to $60 billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told Reuters on Tuesday.

As earnings season has ended, the latest developments in Washington are even more prominent for investors, said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts.

Certainly, from an economic standpoint, the potential effect of tariffs continues to rattle through the markets, he said.

Were in a wallowing period where theres not as much good news coming out.

Trump has already imposed tariffs on steel and aluminum imports as well as on solar panels and washing machines, sparking threats of retaliation from some trade partners.

Boeing Co, which investors say may be particularly vulnerable to retaliation, tumbled 2.5 percent, leading the losers on the Dow.

Stocks briefly pared losses after economic analyst and commentator Larry Kudlow, who has supported free trade measures in the past, said on Wednesday he had accepted an offer to replace Gary Cohn as the White Houses top economic adviser.


Continue reading at Reuters »