Dow Plunges After China Lashes Out at ‘Bully’ Trump
Donald Trump calls his negotiation tactics the “art of the deal.” China calls them “bullying behavior.” | Source: Brendan Smialowski / AFP
By CCN: The US stock market plummeted during the week’s final trading session, as the Dow and Wall Street’s other major indices reeled from yet another escalation to the US-China trade war.
Dow Reels After Beijing Unloads on Trump Administration
Stock futures traded sharply lower ahead of Friday’s opening bell. Dow Jones Industrial Average futures lost 190 points or 0.73%, implying a 182.68 point decline. S&P 500 futures dropped 0.72%, while Nasdaq futures shed 0.98% during a chilly morning on Wall Street.
A fearful stock market shivered after China’s government bared its teeth in the rapidly-escalating trade war.
Citing comments in state-run Chinese news agency Xinhua, CNBC reports that a spokesperson for the Chinese Ministry of Commerce blamed the United States for derailing the trade negotiations.
“The two sides had open and constructive communication during the 11th round of the China-U.S. high-level economic and trade consultations,” spokesperson Gao Feng said. “However, it is regrettable that the US side unilaterally escalated trade disputes, which resulted in severe negotiating setbacks.”
The spokesperson further attacked President Trump and his administration for exhibiting “bullying behavior” in their handling of the negotiations, adding that Beijing had no choice but to retaliate.
In addition to raising tariffs on hundreds of billions of dollars of Chinese goods, the Trump administration launched a targeted assault on Huawei that effectively blackballs the Chinese telecom giant from operating in the US.