Stocks Lower as China Toughens Position

May 17, 2019 Share Print 0

U.S. stocks slipped on Friday, after three straight sessions of gains, as trade tensions were renewed after Chinese media took a hardline approach to the tariff dispute between the United States and China.

The trade war will only make China stronger and will never bring the country to its knees, the ruling Communist Party’s People’s Daily wrote in a front-page commentary.

Beijing’s higher tariffs on U.S. products on a $60 billion target list will take effect on June 1, which could prompt Washington to go ahead with tariffs on a further $300 billion worth of Chinese goods.

The two sides are expected to meet in China to resume talks soon.

“Mounting trade worries and geopolitical tensions are weighing on investors nerves,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.