Dow Drops 200 Points After President Trump Shows Dissatisfaction With US-China Trade

Dow Drops 200 Points After President Trump Shows Dissatisfaction With US-China Trade

12
0
SHARE

After President Donald Trump expressed dissatisfaction with the US-China trade talks, the Dow Jones Stock Index dropped 200 points, even more so after raising doubts that the summit in North Korea, scheduled for the 12th of June, would happen.

The Drop

During a meeting with President Moon Jae-in of South Korea, President Donald Trump was asked if he was satisfied with the current talks regarding the China Trade, replying by saying “No, not really,” and adding that “they’re a start”, as The Guardian reports.

The 200 point drop by the Dow Jones Stock Index followed a 300-point lead the day before as spirits were high regarding a positive outlook that a trade war between the US and China had ceased for the moment. President Trump denied that a deal had been sealed with US trade negotiators with China regarding ZTE Corp which is the Chinese telecoms maker and the source of controversy concerning admitted violations of American sanctions on North Korea and Iran, per The Guardian.

No Deal

President Trump spoke to reporters, saying “There is no deal” and adding that “We’ll see what happens.” The Presidents comments regarding the whole matter are the most recent signs of a negative outlook regarding US-China trade talks.

Lu Kang, the Chinese foreign ministry spokesman, said: “Given the increasing interaction between the two countries, we cannot assure you they will not encounter more frictions or disputes in the future,” China also reported that they aren’t completely sure that any deal made with Mnuchin would hold its place. Bloomberg also reported that the administration’s decision to temporarily pause the imposition of tariffs was due to a disagreement with a strategy for China.

Steven Bannon, former chief strategist, spoke up about it, saying: “changed the dynamic regarding China but in one weekend Secretary Mnuchin has given it away” in an interview with Bloomberg.

SHARE

LEAVE A REPLY