Stocks trim losses but indexes still on pace for worst week of 2019
U.S. stocks clawed back from early losses Friday after key negotiators cast a positive glow on trade talks, but major indexes are poised for their worst weekly performance of 2019 year as tensions between the U.S. and China remain elevated after the Trump administration raised import duties on $200 billion in Chinese goods.
What’s driving the market? Trade tensions were front and center as the U.S. increased tariffs as of 12:01 Eastern time Friday, with Beijing vowing to retaliate. — Donald J. Trump May 10, 2019 Read : Here are the stocks to buy if an all-out U.S.-China trade war erupts, says Goldman In a talk with business leaders in Meridian, Mississippi, Atlanta Fed President Raphael Bostic said the central bank might have to cut interest rates if the new round of tariffs placed on Chinese goods causes consumer spending to suffer.
“Goods currently in transit to the U.S. from China aren’t subject to the new 25% tariffs, just the old 10% tariff. That grace period was not included in previous rounds of tariffs and is likely an olive branch of sorts to the Chinese side,” he added. “Given shipping times, goods sent from China today will take two weeks or so to reach the U.S., so if a trade deal is stuck in that time frame, the pain of the 25% tariffs will never be felt.
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