Wall Street suffers worst day in 2019 as yuan drop heightens U.S.-China trade war fears
NEW YORK - Wall Street’s major indexes posted their biggest percentage drop of the year on Monday as a fall in the yuan following U.S. President Donald Trump’s vow to impose additional tariffs on Chinese goods sparked fears of further escalation of the U.S.-China trade war.
The yuan weakened past the seven-per-dollar level, its lowest in 11 years, after the People’s Bank of China, with the blessing of policymakers, set its daily midpoint at the weakest level in eight months.Several investors viewed the move in the yuan as a direct response to Trump’s announcement of 10% tariffs on an additional $300 billion of Chinese imports.“It’s the escalation of the trade war,” said Steven DeSanctis, equity strategist at Jefferies in New York.
Adding to the tensions, China’s Commerce Ministry said that Chinese companies have stopped buying U.S. agricultural products and that China will not rule out imposing import tariffs on U.S. farm products that were bought after Aug. 3. Apple Inc shares slid 5.2% as analysts warned that the newly proposed tariffs may hurt demand for the iPhone, while the Philadelphia semiconductor index .SOX dropped 4.4%.
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