Wall Street plunges in early trade
Print Edition
WALL Street stocks plunged yesterday with losses on Nasdaq exceeding 3 percent after China announced it was ramping up tariffs on US goods.
About three hours into the trading session, the Dow Jones Industrial Average was down over 650 points, or 2.5 percent. The broad-based S&P 500 dropped 2.5 percent, while the tech-rich Nasdaq Composite Index tumbled 3.2 percent.
Beijing yesterday announced it will increase tariffs on US$60 billion worth of US goods from June 1, striking back after Washington more than doubled tariffs on US$200 billion on Chinese goods. US has also started the process of imposing punitive duties on the nearly all Chinese imports.
Boeing fell 3.4 percent. A spokesman for the company said Boeing was “confident the US and China will continue trade discussions and come to an agreement that benefits both US and Chinese manufacturers and consumers.”
Other US companies with large China operations suffered big declines, including Apple, down 5.3 percent, Caterpillar, down 4.3 percent and General Motors, down 3.2 percent.
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