Stocks tumble, yen rallies as Trump threatens to counter new China tariffs

Stocks tumble, yen rallies as Trump threatens to counter new China tariffs

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 23, 2019. NEW YORK: Stocks, the dollar and oil prices fell on Friday while safe havens rose after U.S. President Donald Trump threatened to further escalate his trade war with China "this afternoon," following a new round of retaliatory tariffs from Beijing. Earlier on Friday China’s Commerce Ministry said in a statement it would impose tariffs on about $75 billion in imports from the United States including some agricultural products, crude oil and small aircraft. Trump responded mid-morning in a series of tweets, writing that "American companies are hereby ordered to immediately start looking for an alternative to China." Trump cannot force U.S. companies to abandon China and he gave no detail on how he might proceed with any such order. But his series of tweets was seen as a harbinger for yet another escalation of the trade war. Trump had not announced more actions against China when markets closed in New York. The tweets "certainly heightened concerns about trade and its drag on global growth," said Craig Bishop , lead strategist of the fixed income group at RBC Wealth Management at Minneapolis. "It has heightened chances of a recession. The President is his own worst enemy when he tries to manage both fiscal and monetary policies." Stocks that benefit during economic expansions fell the most on Wall Street, also hinting at recession concerns. "There is a lot of worry here. I […]

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