Stocks Tumble Again On US Tariff Plans


They would be on top of the Dollars 250 billion already imposed.

Stocks took a tumble Monday with the Dow Jones Industrial Averageexperiencing a dramatic swing to close down almost 250 points amid concerns of another wave of Chines tariffs. Some early gains for tech and Internet stocks also faded. Vehicle companies rose after Bloomberg News reported that regulators in China intend to propose cutting the tax on imported cars to 5% from 10%.

The gains were broad in the US, with all 11 sectors of the benchmark S&P index up for the day.

The US could impose tariffs on all Chinese imports that are still not taxed, Bloomberg reported, with sources saying preparations are underway in case talks between US president Donald Trump and Chinese premier Xi Jinping, scheduled for next month, fail to yield progress on the ongoing trade war.

But Germany's DAX fell 0.2 percent to 11,316 and the CAC 40 in France sank 0.2 percent to 4,980 after weak eurozone growth figures. Microsoft shed 2.9 percent to $103.85.

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 30, 2018. The Nasdaq has plunged 13 percent from its record high reached August 29.

More news: It’s a boy for Shoaib and Sania
More news: In just under two years the Nintendo Switch has outsold the GameCube
More news: Statue of Unity Interesting facts about the world s tallest statue

China's ambassador to the United States said on Tuesday that the "goodwill" and "wisdom" of the Chinese and American people would carry the countries through a tense period in their relations, and that "we have heard enough" of trade war threats and territorial sabre rattling.

The effects of higher tariffs could be especially severe for technology companies, which make many of their products in China, and for industrial companies, which are already paying higher prices for metals.

"Downside momentum is so strong that it does not take much to encourage more selling", Bruce Bittles, chief investment strategist at RW Baird, told The Post. IBM Chairman and CEO Ginni Rometty said the deal will make IBM the world's biggest hybrid cloud provider, meaning it will offer companies a mix of on-site, private and third-party public cloud services.

The Tuesday rally was welcomed by USA stock investors on edge after largely stellar earnings have failed to provide sustained relief to selling that began amid concern that rising rates will crimp economic growth.

Over the past year, said Cui, "we have heard enough of trade war threats, assertions about strategic rivalry, sabre rattling in the South China Sea, and even unfounded accusations against Chinese students and scholars".