Stock market rolls over after Trump reportedly OK’s additional tariffs on Chinese imports

Markets
Insider

Stocks surrendered their gains Friday after
Bloomberg reported President Donald Trump instructed his
administration to follow through with tariffs on roughly
$200 billion worth of Chinese imports, despite a fresh round of
trade negotiations between the world’s largest economies having
been proposed days earlier. 

Here’s the scoreboard:

Dow Jones industrial
average: 
26,104.82
 
−41.17 (-0.16%)

S&P
500: 2,901.35 −2.83 (-0.097%)

Nasdaq
Composite: 

7,990.10
 
−23.61 (-0.29%)

Shares of large-cap industrial stocks like Caterpillar (-0.6%) fell
following the report. Boeing (+0.4%) pared gains
after trading up more than 1%. Treasury yields jumped. Offshore,
the Chinese yuan sank 0.36% against the dollar. 

Another round of US
tariffs would bring the running total of targeted
Chinese products to $250 billion, and is poised to affect
consumers more than the levies already enacted. 

Beijing, which was swift to counter Trump’s first two
rounds of tariffs in kind, would almost certainly retaliate
against the action. While China doesn’t import enough from the US
to match the duties dollar-for-dollar, it could increase tariff
rates or use qualitative measures like creating administrative
headaches for American companies.