Equities Weaken a Fourth Week

August 27, 2019

U.S. stocks retreated over 2.5% on Friday after China announced an additional round of retaliatory tariffs on $75B worth of American goods on September 1 and December 15 and President Trump vowed to respond accordingly. The trade escalation more than erased earlier gains in what was shaping up as a rally for the week. After Friday’s closing bell, President Trump announced he will increase tariffs on $250B of Chinese goods from 25% to 30% as of October 1 and the tariff on the remaining $300B of Chinese imports would be taxed at 15% on September 1, up from 10%.