Stocks Soar As Panic Over An Imminent Trade War With China Fades
Fears of a trade war on Wall Street appears to have faded.
The Dow Jones had its third-largest point gain in history Monday with a surge of 669 points, according to CNN Money. After a 2.8 percent increase, the Dow closed at 24,202, The Washington Post reported.
President Donald Trump announced in March a shocking plan to hit China with around $60 billion in trade penalties in response to alleged Chinese theft of American intellectual property. “China does not want a trade war with anyone,” the Chinese Embassy in the U.S. responded, “But China is not afraid of and will not recoil from a trade war. China is confident and capable of facing any challenge.”
“If a trade war were initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures,” the embassy stated.
Further exacerbating fears of a trade war was China’s revelation that it has a plan to target $3 billion in U.S. goods in response to the steel and aluminum tariffs the president announced earlier this month. – READ MORE
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