US stocks futures fall on China trade retaliation

Traders work on the floor at the New York Stock Exchange (NYSE) in New York May 6, 2019. ― Reuters pic
Traders work on the floor at the New York Stock Exchange (NYSE) in New York May 6, 2019. ― Reuters pic

NEW YORK, May 13 — stocks plunged in pre-market trading today after announced new tariffs and reports from signalled additional possible measures, including announcing Boeing orders.

About 15 minutes before the opening bell, futures for the Dow Jones industrial Average were at 25,434.00, down 530 points or 2.0 per cent.

Futures for the S&P 500 were down 2.0 per cent at 2,828.25, while the tech-rich Nasdaq was down 2.6 per cent at 7,410.25.

The dive came after trade talks in Washington between the United States and China ended Friday without a deal.



Today, China said it will increase tariffs on US$60 billion worth of US goods from June 1, in apparent retaliation after Washington announced plans last week to tax almost all imports.

The editor of the party-owned Chinese newspaper Global Times said on Twitter that Beijing could take additional retributive measures, including dumping US Treasuries, ending US agricultural purchases and reducing orders for Boeing airplanes.

Shares of Boeing fell 3.1 per cent to US$343.71. — AFP

Source: The Malay Mail Online





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