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CNN
17 minutes ago
- CNN
Stocks futures drop as Trump claims China has ‘violated' trade agreement
Stock futures fell Friday after President Donald Trump said China has 'totally violated' its trade agreement with the United States, sending another jolt to markets after a whiplash week of tariff developments. Dow futures were down 100 points, or 0.3%. S&P 500 futures and those tied to the Nasdaq 100 both slid 0.3%. 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' the president posted on social media. 'So much for being Mr. NICE GUY!' Wall Street has been cautious about the next steps in Trump's trade war. Stocks had received a boost this week after the Court of International Trade late Wednesday blocked most of Trump's tariffs on legal grounds, but that rally lost steam as traders bet the White House would aggressively appeal and pursue another legal strategy. A federal appeals court on Thursday paused the CIT's ruling to block Trump's tariffs, leaving the president's massive tariff agenda in limbo as the courts deliberate its legality. 'The stunning, head-spinning, mind-boggling trade fiasco will not be resolved quickly,' said Greg Valiere, chief US policy strategist at AGF Investments, in a note. 'It probably will land in the Supreme Court — and even that may not settle the issue.' Investors on Friday also digested fresh data that showed the Federal Reserve's preferred inflation gauge cooled in April slightly more economists had expected, but also revealed a significant drop in consumer spending. Trump has reignited his trade war in the past week, which has stirred up uncertainty in markets after Wall Street had begun to turn the page on tariff concerns. The S&P 500 has been steadily climbing out of an early April slump instigated by the president's back-and-forth on his 'reciprocal' tariffs. Despite the recent fluctuations, investors who sold at the start of May missed out on a historically strong month for markets. The benchmark index is up more than 6% this month and is on track for its best month since 2023 and its best performance in May since 1990. 'Even though the stock market has staged a decisive rebound since the April lows, there is still plenty of uncertainty on tariffs, especially given the legal battle that is brewing over the 'Liberation Day' tariffs,' said Clark Bellin, president and chief investment officer at Bellwether Wealth. The dollar slightly gained on Friday. Yet the US dollar index, which measures the dollar's strength against six major foreign currencies, is on track to end the month in the red. It would be the dollar's fifth month of decline in a row. 'We expect bouts of market volatility ahead as investors continue to navigate a range of market, economic and geopolitical risks,' said Ulrike Hoffmann-Burchardi, CIO of global equities at UBS Global Wealth Management, in a Thursday note. The benchmark S&P 500 is up about 0.5% this year. This is a developing story and will be updated.
Bloomberg
18 minutes ago
- Bloomberg
Will Small Business Owners Knock Down Trump's Mighty Tariffs?
On this week's Everybody's Business, we analyze recent developments in the US trade war, as well Donald Trump's tumultuous relationship with crypto.
New York Times
18 minutes ago
- New York Times
Trump Accuses China of Breaking Trade Truce
President Trump suggested on Friday that the trade truce between the United States and China was not holding and accused Beijing of breaking an agreement that was brokered this month to temporarily lower tariffs that the countries had imposed on each other. In a post on Truth Social, Mr. Trump said that China violated the pact and suggested that he could return to a more confrontational approach: 'So much for being Mr. NICE GUY!' The accusations threatened to derail hopes of a broader agreement between the world's largest economies. The trade standoff between the United States and China has created significant concern for businesses and investors and raised fears of a global downturn. The new dispute arrives at a moment of great uncertainty for Mr. Trump and his ability to brandish steep tariffs as a way of forcing other countries to make trade concessions. A federal trade court earlier this week declared many of the president's duties to be illegal, including some that he imposed on China on emergency grounds. An appeals court later restored that power temporarily. The U.S. had ratcheted tariffs on Chinese imports to 145 percent earlier this year, and China had hit American products with a 125 percent import tax. Both sides lowered those levies in early May after Treasury Secretary Scott Bessent and Jamieson Greer, the U.S. trade representative, met in Switzerland with their Chinese counterparts. They agreed to hold additional talks on a more comprehensive agreement and pause most of the tariffs for 90 days. However, Mr. Bessent said on Thursday evening that the talks had 'stalled' and suggested that Mr. Trump and Xi Jinping, China's president, would need to engage directly. Want all of The Times? Subscribe.
