The escalating trade war between China and the U.S. continues to put Wall Street stocks under pressure.
China's decision to raise tariffs on U.S. goods made its impact felt on Wall Street as stock markets began the week on a downbeat note.
Last week, the Trump administration announced a 25 percent punitive tariff on thousands of Chinese products, with a plan to increase tariffs on an additional $300 billion worth of imports from the world’s second-largest economy. The back-and-forth retaliation between the two superpowers wiped out the marginal gains stocks recorded at the end of last week. Alec Young, managing director of global markets research at FTSE Russell, warned the mood among investors could worsen during the week, as the trade war between Washington and Beijing showed no sign of abating.
White House economic adviser Larry Kudlow contradicted Trump's claim, when he said American consumers “will suffer” along with their Chinese counterparts as a result of increased tariffs. Art Hogan, chief market strategist at National Securities in New York, warned that the solution to the crisis was far from simple, and he predicted markets could remain under pressure for the near future.
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