US stocks closed sharply lower on Friday as President Trump and China traded blows on tariffs, with Trump threatening a “massive increase” in duties on Chinese goods.
The Dow Jones Industrial Average (^DJI) lost 1.9%, or over 870 points, while the S&P 500 (^GSPC) fell roughly 2.7%. The tech-heavy Nasdaq Composite (^IXIC) slid around 3.6%, leading losses.
Trump unloaded on China and its leader, Xi Jinping, in a lengthy post on Truth Social on Friday. The post came after China heated up trade tensions with the US, adding new port fees on American ships and launching an antitrust investigation into Qualcomm (QCOM). Beijing has also been in the midst of tightening export controls on rare earth minerals, and it recently halted purchases of US soybeans.
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Source finance.yahoo.com
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