Economy

DEVELOPING: Stocks Bounce Back After ‘China Blinks’ on Trade War with US

posted by Hannity Staff - 8.06.19

The Dow Jones Industrial average bounced back in late-afternoon trading Tuesday; recovering from the worst drop in 2019 after China “manipulated” their currency to impact global markets.

“The Dow Jones Industrial Average rebounded Tuesday 300 points in late afternoon trading, one day after the major indexes posted their worst day of the year. China pegged its yuan inside the 7 mark after the Treasury labeled the country a currency manipulator,” reports financial website The Street.

“The Dow Jones Industrial Average, which finished down 767 points in the previous session, was up 302 points, or 1.18%, to 26,020. The S&P 500 rose 1.35%, and the Nasdaq climbed 1.47%,” adds the site. “The move from the People’s Bank of China was seen as an attempt to ease tensions between the world’s two biggest economies as their ongoing trade dispute threatens global-growth prospects.”

Read the full report here.

Original Story: May 13, 2019

The US stock market was rattled Monday morning after China unveiled more than $60 billion on American-produced goods; announcing the new taxes after trade negotiations with the Trump administration stalled in recent days.

“After trade talks broke up later in the day, U.S. officials said they were preparing to expand those tariffs to cover another $300 billion of goods, covering most imports from China,” reports Fox News. “The back-and-forth between the two nations is wreaking havoc in global equity markets, with some investors speculating that a deal may not happen at all.”

“I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!” posted the President on social media.