NEW YORK, May 13 — Wall Street stocks plunged in pre-market trading today after China announced new tariffs and reports from China 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 Chinese 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