Stocks spiraled downward on Friday after President Trump tweeted the US would retaliate against China’s latest round tariffs.
Trump said, “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon.”
Markets began the day lower after China announced it planned to impose tariffs on $75 billion worth of US products before the open.
Those losses were pared prior to Trump’s comments, after Federal Reserve Chairman Jerome Powell didn’t rule out further rate cuts this year during his speech at the central bank’s annual symposium.
Stocks tumbled on Friday after President Trump unleashed a flurry of tweets threatening to amplify the trade war in response to China’s latest round of tariffs.