U.S. stocks tumbled Friday after President Trump posted on Truth Social that he may cancel a planned meeting with China’s president and that he is considering “a massive increase in tariffs” on Chinese products.
After the market closed, Trump posted again, saying that the U.S. “will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying.
Also on November 1st, we will impose Export Controls on any and all critical software.”
U.S. chip stocks were hit hard, with AMD falling 7.7% and Broadcom dropping 5.9%.
Bitcoin rose above $122,000 before pulling back to $114,000 late Friday on Trump’s tariff announcements.
U. S. . After President Trump announced on Truth Social that he may postpone a scheduled meeting with the president of China and that he is thinking about imposing “a massive increase in tariffs” on Chinese goods, stocks fell sharply on Friday.
Trump posted once more after the market closed, claiming that the U.S. A. “will apply a 100 percent tariff to China, on top of any tariffs they are already paying.”. Additionally, we will enforce export controls on all essential software on November 1st. “.”.
Heading late into the afternoon, the trend grew more pronounced, and major stock indexes relinquished their weekly gains. The Dow dropped 880 points, or 1 point 9 percent, while the Nasdaq composite fell 3 point 6 percent. Along with the Nasdaq, the SandP 500 saw its biggest drop since April, falling 2 points to 0.7 percent.
The selling caused weekly declines of more than 2 percent, giving all of the major indexes their worst week in months.
There are some very odd things going on in China: they are getting very hostile and are writing to countries all over the world to impose export controls on every aspect of production related to rare earths and pretty much anything else they can think of, even if it isn’t made there. However, in essence, it would “clog” the markets and make life difficult for almost every country in the world, particularly China, something that no one has ever seen before.
U. S. . Chip stocks were severely impacted, with Broadcom and AMD both seeing declines of 5 and 7%, respectively. Concern that an intensifying trade war might further impede economic growth caused regional banks to also plummet.
Earlier, as Beijing increased pressure in trade talks with the United States, Chinese stocks fell. S. China moved to impose a special port fee on the United States and issued new export restrictions for rare earth elements. S. vessels. Beijing also started looking into U.S. antimonopoly practices. S. chip maker Qualcomm, which experienced a 7.3 percent decline.
While oil prices fell as the government shutdown entered its tenth day, gold prices rose back toward $4,000 per troy ounce.
With the beginning of Israeli troops’ withdrawal from Gaza, oil prices dropped 4%. They are currently trading at their lowest points since the days after Liberation Day.
As a result of Trump’s tariff announcements, Bitcoin surged above $122,000 before descending to $114,000 late Friday.
