The market is seeing red again. On the first trading day of the second quarter, the Dow slipped by more than 400 points, and the tech-heavy Nasdaq ended the day nearly three percent lower. “We saw overnight China announced a tariff of up to 25 percent on about...130 U.S. products,” explained Matthew Battipaglia, Portfolio Manager at Washington Crossing Advisors. China’s new tariffs hit a myriad of American goods, including fruits and pork, imports of which amount to around $3 billion. The announcement comes merely weeks after President Trump slapped taxes on aluminum and steel imports from China and announced plans to tax $50 billion more worth of Chinese goods. These trade war warning shots from two of the world’s largest economies worried investors Monday. They also added pressure to a market that was already heading downwards on negative news from the tech world. Reports of Apple potentially ditching Intel and using its own chips for Mac computers drove Intel’s shares down by as much as nine percent. [Tesla, Facebook, and Amazon](https://cheddar.com/videos/facebooks-data-policies-are-like-cigarette-labels) also resumed their downward spirals to start the quarter.

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Apple posts stronger-than-expected Q2 results
Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump’s tariffs on its business. Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results. Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs.
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