March 22, 2018

Dow plunges more than 700 points after Trump unveils plan for $60 billion tariffs on China and sets of fears of trade war

The tariffs are meant to combat Chinese intellectual property theft. He was flanked at the announcement by Lockheed Martin CEO Marillyn Hewson,V ice President  Pence, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer



The market dropped Thursday, with the Dow losing nearly 3% of its value


  • President Donald Trump signed a memorandum to slap up to $60 billion in tariffs on China.

The $60 billion in annual tariffs are President Trump’s strongest trade action yet against a country he has branded an “economic enemy,” fulfilling one of his core campaign pledges.

  • He blasted 'tremendous intellectual property theft' by China and opened a consultation period to eye list of Chinese products to be hit by tariffs

  • Went after South Korea deal, WTO judging, singled out Japan's prime minister Abe

  • Markets dropped sharply Thursday over fears of a global trade slow-down because of the moves.

Major indexes fell, with the S.&P. 500 down 2.5%, as the prospect of a trade war between the U.S. and China sent Wall Street shuddering.

  • He previously announced a 25 per cent tariff on steel 

  • China warned it 'certainly take all necessary measures to resolutely defend' itself.

The punitive actions have put Xi Jinping on the spot and on Friday, he threatened to raise tariffs on American products valued at $3 billion.