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U.S. stocks traded sharply lower for the second consecutive day on Friday after U.S. President Donald Trump threatened to once again ramp up his trade war with China by implementing a 10% tariff on an additional $300 billion of Chinese goods starting on Sept. 1. A new report on Friday that Trump may be willing to conditionally postpone the new China tariffs didn’t seem to stop the bleeding.
What Happened
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At 9:06 a.m. ET on Friday, CNBC’s Kayla Tausche reported the U.S. Trade Representative is planning to release details on the new tariffs “soon,” but they're expected to impact goods arriving in the U.S. starting on Sept. 1. In addition, Tausche tweeted a senior administration official said Trump would be “willing to shelve [the tariffs] if China takes positive action.”
Why It’s Important
On Thursday, Trump announced the new tariffs via Twitter. He said U.S. representatives are having constructive trade talks with China but once again blamed China for backing out of a potential deal three months ago.
“More recently, China agreed to...buy agricultural product from the U.S. in large quantities, but did not do so. Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die!” Trump wrote.
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The Dow Jones Industrial Average was up as much as 311 points on Thursday, but plummeted after Trump’s tariff tweets, finishing the day down 280 points.
What’s Next
On Friday, China spokesperson Hua Chunying said the nation would once again be forced to take countermeasures if Trump follows through with his threat. She also said China doesn't want a trade war with the U.S., but it's not afraid of one.
Investors were certainly spooked by the potential of a ramp in the trade war. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) are both down 2% since Wednesday’s close, while the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) is down 3%.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.