Stocks plunge as China trade war and Mexico tariffs fuel a ‘triple hit of bad news’
(Worthy News) – US stocks fell sharply on Friday after the Trump administration threatened tariffs on all imports from Mexico if the country did not do more to reduce illegal crossings at the southern US border. China’s confirmation that it has planned out how to restrict America’s supply of critical rare-earth metals, and a decline in Chinese manufacturing in May, also weighed on markets.
All three of the major averages were down at least 1.3%, with the Dow Jones Industrial Average closing lower by more than 350 points. Friday’s sell-off pushed the S&P’s May loss to 6.5%, and closed the chapter on the index’s first down month since December.
“On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP,” President Donald Trump tweeted. “The Tariff will gradually increase until the Illegal Immigration problem is remedied at which time the Tariffs will be removed.” [ Source: Business Insider (Read More…) ]