Stocks Tumble On China Tariff Headlines
Well that spoiled the party… briefly.
Bloomberg reports that
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*CHINA TARIFFS TO STAY UNTIL AFTER U.S. ELECTION DESPITE DEAL
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*U.S. TO REVIEW, POSSIBLY TRIM CHINA TARIFFS AT LATER DATE
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*U.S. OFFICIALS DENY THERE’S A PLAN TO CUT CHINA DUTIES FURTHER
And the reaction was instant… Dow dumped back below 29k…
As a reminder, only the imminent September tariffs were actually removed (before they hit) in the phase one deal, so this should not be a total shock. However, it appears the assumption was that the rest of the tariffs would be lifted sooner rather than later.
Developing…
Tyler Durden
Tue, 01/14/2020 – 13:41
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