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U.S. stocks gave up their gains for the week Friday after President Trump posted on Truth Social that he may cancel a planned meeting with China's president and that he is considering "a massive increase in tariffs" on Chinese products.
The Nasdaq was down around 2% and the Dow 1% after earlier rising fractionally. Trump wrote:
Some very strange things are happening in China! They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it's not manufactured in China. Nobody has ever seen anything like this but, essentially, it would "clog" the Markets, and make life difficult for virtually every Country in the World, especially for China.
U.S. chip stocks were hit hard, with AMD falling 7% and Broadcom dropping 3%.
Earlier, Chinese stocks dropped as Beijing ramped up pressure in trade negotiations with the U.S. China issued new rare-earth export restrictions and moved to impose a special port fee on U.S. vessels. Beijing also launched an antimonopoly probe into U.S. chip company Qualcomm, shares of which fell 4% Friday.
The Nasdaq was down around 2% and the Dow 1% after earlier rising fractionally. Trump wrote:
Some very strange things are happening in China! They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it's not manufactured in China. Nobody has ever seen anything like this but, essentially, it would "clog" the Markets, and make life difficult for virtually every Country in the World, especially for China.
U.S. chip stocks were hit hard, with AMD falling 7% and Broadcom dropping 3%.
Earlier, Chinese stocks dropped as Beijing ramped up pressure in trade negotiations with the U.S. China issued new rare-earth export restrictions and moved to impose a special port fee on U.S. vessels. Beijing also launched an antimonopoly probe into U.S. chip company Qualcomm, shares of which fell 4% Friday.
