Dow closes down over 600 as Trump, China argue over tariffs

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PHOTO: Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange, May 13, 2019 in New York.PlayDrew Angerer/Getty Photos

WATCH Markets on edge amid US substitute battle with China

The Dow became down 617 components at closing on Monday afternoon after China said it can probably elevate tariffs on roughly $60 billion value of U.S. imports as retaliation for extra tariffs on Chinese items.

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Alternate talks between the United States and China ended with out a deal Friday afternoon. President Donald Trump launched final week he would elevate tariffs on $200 billion value of Chinese imports.

Presently sooner than markets opened Monday, China launched it can probably put into effect the original tariffs starting June 1.

Trump fired off a assortment of tweets by which he repeated a fraudulent converse that the U.S. shopper does now now not want to pay for tariffs. In reality, tariffs would motive costs on many shopper items to amplify.

..There will probably be no person left in China to invent substitute with. Very defective for China, very moral for USA! However China has taken so unbiased correct thing about the U.S. for thus decades, that they are manner forward (Our Presidents didn’t invent the job). As a result of this truth, China can enjoy to composed now now not retaliate-will most effective fetch worse!

— Donald J. Trump (@realDonaldTrump) Might perhaps perhaps perhaps additionally 13, 2019

The president also appealed to Chinese President Xi Jinping in his tweets, claiming China will probably be “disaster very badly” if he would now not earn a deal.

PHOTO: A man rubs his forehead as he monitors stock prices at a brokerage house in Beijing, Monday, May 13, 2019.Andy Wong/AP
A man rubs his browas he monitors stock costs at a brokerage residence in Beijing, Monday, Might perhaps perhaps perhaps additionally 13, 2019.

The U.S. and China had been making growth toward a final substitute deal nonetheless a tentative agreement all nonetheless fell apart final week after the Chinese sought to earn revisions to the deal, the White House said. It is now now not obvious when the unreal representatives will meet as soon as more.

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