>> Trade tensions escalating between the US and China Monday. With Beijing slapping tariffs on 128 US goods, from pork to wine to fruits and nuts. The move is a counter punch to US President Donald Trump's increased duties on imported Chinese steel and aluminum. As well as his threat to impose more than $50 billion worth of tariffs on other Chinese goods.
The tariffs, to take effect Monday, were announced late Sunday by China's finance ministry. Following through on a threat made back in March 23rd to impose tariffs on up to $3 billion in US goods. Soon after the announcement, an editorial in the widely-read Chinese tabloid, Global Times, warned that if the US had thought China would not retaliate against Trump's measures, it can now, quote, say goodbye to that delusion.
Among the hardest hit, cork and scrap aluminum, now subject to tariffs as high as 25%. Fruit and ethanol to see import duties of up to 15%. Fears of a US-China trade war have rocked global financial markets in the past week. As investors fear a full-blown spat between the two countries will be damaging for world growth.
US markets plunging Monday, the DOW, S&P 500, and NASDAQ all down around 2%.