US stocks fall on revived Trump trade war worries
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Traders work on the floor of the New York Stock Exchange.
PHOTO: AFP
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NEW YORK - Wall Street stocks fell May 23 on renewed trade war fears as President Donald Trump’s latest tariff threats offset improvements in the US bond market.
Mr Trump threatened 25 percent tariffs on Apple and other smartphone manufacturers
The president also vowed to slap a 50 per cent tariff on imports from the European Union, citing a lack of progress in trade negotiations with the bloc.
“Trump basically has renewed tariffs fears,” said Peter Cardillo of Spartan Capital Securities. “It’s a down day.”
Major US indices spent the entire session in the red, with the Dow Jones Industrial Average finishing down 0.6 per cent at 41,603.07.
The broad-based S&P 500 dropped 0.7 per cent to 5,802.82, while the tech-rich Nasdaq Composite Index dropped 1.0 per cent to 18,737.21.
Mr Trump’s latest tariff statements conclude a week in which trade issues had earlier taken a back seat to congressional debate on Mr Trump’s sweeping tax cut measures.
The Bill, which narrowly passed the House of Representatives
US Treasury yields had spiked earlier in the week amid concerns the bill will increase US debt. But yields retreated on May 23 in a sign demand for US issues had improved.
Among individual companies, Apple fell 3.0 per cent on May 23 following Mr Trump’s tariff threat. AFP
