PARIS (Reuters) – The New York Stock Exchange fell into the red on Friday after statements by US President Donald Trump threatening a “massive increase” in customs duties on imports of Chinese goods.
Around 3:30 p.m. GMT, the Dow Jones fell 1.1%, the S&P 500 1.6% and the Nasdaq 2.5%.
In a message on Truth Social, Donald Trump said he had no reason to meet Chinese President Xi Jinping in two weeks in South Korea as planned, adding that the United States was considering a massive increase in tariffs on Chinese imports.
Donald Trump’s remarks come as China on Thursday tightened its controls on exports of rare earths, expanding restrictions on processing technologies and banning unauthorized cooperation with foreign countries.
In Europe, stock markets widened their losses after the American president’s remarks. The CAC 40 ended down 1.5% and the pan-European Stoxx 600 index 1.22%.
The dollar was in sharp decline and lost 0.7% against a basket of reference currencies.
(Written by Blandine Hénault, with Diana Mandia, edited by Kate Entringer)
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