And the trade headlines are back...
China announced retaliatory tariffs on 5% to 10% on another $75 billion worth of U.S. goods, including oil, effective Sept. 1, as well as resuming 25% tariffs on U.S. autos, effective Dec. 15.
"In response to the measures by the U.S., China was forced to take countermeasures," the Chinese State Council said in a statement on Friday. "The Chinese side hopes that the U.S. will continue to follow the consensus of the Osaka meeting, return to the correct track of consultation and resolve differences, and work hard with China to end the goal of ending economic and trade frictions."
Jeff Marks, senior portfolio analyst for Action Alerts PLUS talked to TheStreet early Friday morning about the China tariffs.
"You know, China hinted that we're going to see some type of retaliatory tariff, um, after, after we placed our latest round on tariffs," said Marks.
After TheStreet's interview with Marks, President Trump tweeted about China's tariffs.
Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won't let that happen! We don't need China and, frankly, would be far....— Donald J. Trump (@realDonaldTrump) August 23, 2019
While the market hadn't dropped too steeply following China's announcement, President Trump's tweets sent the market lower.
....better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..— Donald J. Trump (@realDonaldTrump) August 23, 2019
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