Dow Plunges as Trade War Backlash Triggers Market Meltdown
The Dow sped toward another brutal loss after Beijing bared its fangs to deliver the shellshocked Trump administration a withering trade war rebuke. | Source: Cory Morse / MLive.com / The Grand Rapids Press via AP
By CCN: The Dow sped toward another brutal loss on Thursday after Beijing bared its fangs to deliver the shellshocked Trump administration a withering rebuke that drastically reduced the likelihood of an amicable trade war resolution.
Dow Tailspin Intensifies
Every major US stock market index braced for heavy losses on Thursday. As of 9:23 am ET, Dow Jones Industrial Average futures had plunged 255 points or 0.99%, implying a painful 253.61 point loss at the opening bell. S&P 500 futures lost 0.93%, and Nasdaq futures plummeted 1.17% as Wall Street choked on the latest escalation in the conflict between the United States and China.
Beijing Bares its Fangs
Today, stocks fell across the board amid a rapidly-escalating US-China trade war.
Beijing intensified its hostile rhetoric when a Ministry of Commerce spokesperson condemned the US for its “wrong actions” and warned the Trump administration that China would not return to the negotiating table until the White House atoned for its transgressions.
“If the U.S. would like to keep on negotiating it should, with sincerity, adjust its wrong actions. Only then can talks continue,” spokesperson Gao Feng said Thursday in Mandarin, according to CNBC.
Earlier this week, Chinese President Xi Jinping delivered an ominous speech in which he warned China to prepare for a “new Long March” that would mire the country in “difficult situations.” However,