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Trump spooks markets with China trade tariffs warning | Trump spooks markets with China trade tariffs warning |
(about 8 hours later) | |
US stocks have fallen after President Donald Trump said his administration was considering leaving tariffs on China for a "substantial period". | US stocks have fallen after President Donald Trump said his administration was considering leaving tariffs on China for a "substantial period". |
Mr Trump said that a trade deal with Beijing was "coming along nicely", but his comments dampened hopes a deal would be reached soon. | Mr Trump said that a trade deal with Beijing was "coming along nicely", but his comments dampened hopes a deal would be reached soon. |
US negotiators are due to visit China next week to resume talks. | US negotiators are due to visit China next week to resume talks. |
Wall Street baulked at Mr Trump's comments, with the benchmark Dow Jones falling almost 1%. | Wall Street baulked at Mr Trump's comments, with the benchmark Dow Jones falling almost 1%. |
The Nasdaq and the S&P 500 also fell. | The Nasdaq and the S&P 500 also fell. |
Mr Trump said: "We're not talking about removing them, we're talking about leaving them for a substantial period of time because we have to make sure that if we do the deal with China that China lives by the deal." | Mr Trump said: "We're not talking about removing them, we're talking about leaving them for a substantial period of time because we have to make sure that if we do the deal with China that China lives by the deal." |
The US delayed the introduction of higher tariffs on $200bn worth of Chinese imports following three months of talks, after which Mr Trump said the nations were "very very close" to an agreement. | The US delayed the introduction of higher tariffs on $200bn worth of Chinese imports following three months of talks, after which Mr Trump said the nations were "very very close" to an agreement. |
The US had threatened to raise import duties on Chinese goods from 10% to 25% on 1 March. | The US had threatened to raise import duties on Chinese goods from 10% to 25% on 1 March. |
Following his remarks, the Dow Jones dropped by 0.73% to 25,698 points. The S&P 500 fells 0.57% to 2,816.5 and the Nasdaq slid 0.36% to 7,695.9. | |
Mr Trump also said that the US was taking in "billions and billions" from tariffs. | Mr Trump also said that the US was taking in "billions and billions" from tariffs. |
However, the most recent deficit figures showed that the US's trade gap with the rest of the world jumped to a 10-year high of $621bn (£471.2m) in 2018. |
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