The U.S. and China launched a new round of tariffs on one another Thursday, Aug. 23, and industrial stocks were taking a hit.
The U.S. implemented its long-promised 25% tariffs on 279 Chinese products, amounting to $16 billion in duties on Chinese imports. This round of duties targets Chinese chemicals, semiconductors, plastics, motorcycles and railway cars.
China responded to that implementation by slapping tariffs, also amounting to $16 billion, on U.S. imports of diesel fuel, coal, medical instruments, cars, and other consumer goods.
The industrial sector was hit by the breakdown in trade negotiations between the two countries with the Industrial Select Sector SPDR ETF (XLI) declining 0.4%. Individual industrial plays also were suffering, leading the Dow Jones Industrial Average
General Electric Co. (GE) shares fell 0.16%.
3M Co. (MMM) slipped 0.3%.
United Technologies Corp. (UTX) shares tumbled 0.5%.
Caterpillar Inc. (CAT) shares are down 1.7%.
Boeing Co. (BA) traded down 0.64%.