U.S. stocks added to declines on Friday after President Trump’s announcement that additional tariffs will be put on Chinese goods.
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Investors are also dissecting the July jobs report which showed 164,000 nonfarm jobs were created in July. That was in line with expectations.
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The unemployment rate held steady at 3.7 percent.
Trump ratcheted things up on Thursday with a surprise announcement of 10 percent tariffs on $300 billion of Chinese imports, effective Sept. 1. That sent U.S. stocks plunging with the Dow ending down 280 points.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26446.78 | -136.64 | -0.51% |
| SP500 | S&P 500 | 2943.11 | -10.45 | -0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8052.090762 | -59.03 | -0.73% |
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The tit-for-tat trade war continues as China has threatened to retaliate if President Trump’s planned tariff hikes go ahead.
Trump’s announcement surprised investors after the White House said Beijing promised to buy more farm goods. It came as their latest trade talks ended in Shanghai with no sign of a deal.
The next round of trade talks between the U.S. and China are scheduled for September.
The news roiled Asian markets, China’s Shanghai fell 1.4 percent, Hong Kong’s Hang Seng dropped more than 2 percent and Japan’s Nikkei hit a six-week low with a loss of 2.1 percent.
In Europe, London’s FTSE was down 1.8 percent, Germany’s DAX dropped 2.6 percent and France’s CAC lost 2.8 percent.
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The tariff news also led to an 8 percent drop in oil. U.S. crude was trading another 3 percent lower on Friday morning.
ExxonMobil reported a 21 percent drop in quarterly profit on Friday as lower natural gas prices took a toll.
