President Trump announced tariffs on Chinese imports Thursday, reigniting fears of a trade war and sending jitters through the the stock market.
“Even though this has been out there, the big worry is what’s the next shoe to drop,” said Daniel Ives, Chief Strategy Officer at GBH Insights.
The tariffs are aimed at curbing what Trump calls “a tremendous intellectual property theft problem.”
U.S. Trade Representative Robert Lighthizer now has 15 days to identify $50 billion worth of imports to tax, with a focus on technology products.
Many experts and investors fear that China will retaliate, impacting companies like Boeing that have carved large markets in China.
This move comes shortly after Trump levied taxes on imported steel and aluminium, angering allies around the world, including Canada and the EU.
Lighthizer signaled on Thursday that most of those allies will now be exempt from the metals tariffs, seeming to send a clear signal that much of Trump’s protectionist policies are squarely crafted with China in mind.
Overall, Chinese companies may have more to lose from these recent IP tariffs than U.S. tech companies, said Ives. He pointed out that, other than Amazon, revenue from China is negligible for most companies.
In addition to the tariff news, the markets were still reacting to Facebook’s privacy scandal.
The social media giant “continues to be that dark cloud over tech stocks,” said Ives.
“[It’s] been a lot of angst amongst investors we’ve been talking to.”
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
Europeans upset with Elon Musk still aren’t buying his electric cars, adding to a long losing streak for his company.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
