All 3 major U.S. indices plunged today after President Trump tweeted an 'order' that American companies find alternatives to their operations in China. The Dow dropped 2.36% as the S&P slipped 2.58% and Nasdaq tumbled 3%.
dropped 3% to end the day at 7,751.77. The losses brought the Dow's decline for August to more than 4%.
"The threats always been out there but there's been no need to provoke that," said Art Hogan, chief market strategist at National Securities. "It's almost like the administration was expecting the Fed to announce a rate cut at the Jackson Hole meeting." Trump's tweets come after China unveiled new tariffs on Chinese goods. China will implement new tariffs on another $75 billion worth of U.S. goods,. The tariffs will range between 5% and 10% and will be implemented in two batches on Sept. 1 and Dec. 15.
He also noted there is no "rulebook" for the current U.S.-China trade war, adding that "fitting trade policy uncertainty into this framework is a new challenge."
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