China ignores Trump’s warning, issues new tariffs on U.S.

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May 13, 2019 1:05pm NYSE:SPY

From Robert Schroeder: President Donald Trump warned China against retaliating in a trade spat with the U.S., saying the country would suffer if it didn’t make a deal with Washington.


‘YOU BACKED OUT!’

With trade tensions flaring between Beijing and Washington, Trump said in a series of tweets that China shouldn’t take countermeasures against U.S. tariffs — a plea Beijing ignored.

“China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job). Therefore, China should not retaliate-will only get worse!” the president said in one tweet. In another, he said that a deal had been nearly done, but “you backed out!”

U.S. stocks opened sharply lower after China said it would raise tariffs on about $60 billion worth of U.S. imports beginning June 1. Beijing’s move came after the U.S. raised tariffs on Friday to 25% from 10% for $200 billion in goods from China. The Dow Jones Industrial Average DJIA, -2.46%  fell nearly 500 points at the opening bell, and the S&P 500 SPX, -2.47%   dropped 1.3% while the NasdaqCOMP, -3.23%   retreated 2.4%.

Trump and Chinese President Xi Jinping may meet during the G-20 summit in Japan next month, Trump economic adviser Larry Kudlow said Sunday. Trump appeared Monday to push back on separate comments made by Kudlow, who said “both sides will pay” in a trade war. There “is no reason for the U.S. Consumer to pay the Tariffs,” Trump claimed.

ORBAN VISIT AND TLAIB TWEET

Trump is scheduled to meet with Hungarian Prime Minister Viktor Orban at the White House Monday afternoon, in what will be the prominent nationalist’s first meeting with an American president in more than 20 years. Trump’s former chief strategist, Steve Bannon, once called Orban “Trump before Trump.”

Trump also joined other Republicans in criticizing Rep. Rashida Tlaib, over remarks the Michigan Democrat made about the Holocaust and Israel. In a podcast interview Tlaib, who is of Palestinian origin, said she was “humbled by the fact that it was my ancestors that had to suffer” to create a safe haven for the Jewish people. “She obviously has tremendous hatred of Israel and the Jewish people. Can you imagine what would happen if I ever said what she said, and says?” said Trump in a tweet.


The SPDR S&P 500 ETF Trust (SPY) was trading at $280.55 per share on Monday afternoon, down $7.55 (-2.62%). Year-to-date, SPY has gained 5.55%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 157 ETFs in the Large Cap Blend ETFs category.


This article is brought to you courtesy of MarketWatch.


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