Stock market shudders as China jacks up tariffs on U.S. to 125%
CBSN
For China, soaring U.S. tariffs are "a joke," as Chinese officials put it Friday, while sharply hiking levies on American imports. Investors aren't laughing.
Stocks in the U.S. wobbled in early trading Friday as Wall Street absorbed the latest sign of the raging trade war between the world's two largest economics. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all wavered between modest losses and gains after Beijing announced that it would raise tariffs on U.S. goods to 125%.
"The U.S. alternately raising abnormally high tariffs on China has become a numbers game, which has no practical economic significance, and will become a joke in the history of the world economy," a Chinese finance ministry spokesman said in a statement announcing the new tariffs. "However, if the U.S. insists on continuing to substantially infringe on China's interests, China will resolutely counter and fight to the end."
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