Wall Street's main indexes fell more than 2% on Monday after Beijing announ...
- Wall Street’s main indexes fell more than 2% on Monday after Beijing announced plans to retaliate with higher tariffs on U.S. goods, raising fears that another round of tit-for-tat measures could push the U.S. economy toward recession.
China’s finance ministry said on Monday it planned to impose tariffs ranging from 5% to 25% on 5,140 U.S. products on a target list worth about $60 billion from June 1, striking back after U.S. raised duties last week. The tensions reverberated through global financial markets, with the yield curve between three-month U.S. Treasury bills and 10-year notes inverting for the second time in less than a week on Monday. [US/]
Traders work on the floor at the New York Stock Exchange in New York, U.S., May 13, 2019. REUTERS/Brendan McDermid At 9:55 a.m. ET the Dow Jones Industrial Average was down 518.98 points, or 2.00%, at 25,423.39, the S&P 500 was down 61.03 points, or 2.12%, at 2,820.37 and the Nasdaq Composite was down 219.42 points, or 2.77%, at 7,697.52.
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