Earlier today, President Trump announced an additional $300 billion tariff on goods imported from China. Trump stated that this tariff will be in addition to the $250 billion one announced in May regarding consumer products from China. The new tariff will be implemented on September 1st and instantly triggered stocks to dip amidst the uncertainty of the ongoing trade talks. The S&P 500 fell about 1% in the final hour of trading today, inciting high potential for volatility in the market as trade tensions rise. Trump stated that this tariff will be in addition to the $250 billion one announced in May regarding consumer products from China.
Trump tweeted today that this tariff comes in response to China fulfilling promises of buying larger quantities of agricultural products from the U.S. and continued selling of fentanyl to the U.S. The tariff also instigated a 7% drop in oil prices, thus damaging the outlook for energy demand. Trump remains optimistic about the pursuit of a future trade deal with China, but the situation continues to appear murky and the market may continue to feel its negative effects in the near future.
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