By the Associated Press:
President Donald Trump says he’s going to take further action to help the nation’s farmers in the midst of an escalating trade war with China.
Trump is telling reporters that China has been taking advantage of the U.S. for many years, hours after China announced increased tariffs on $60 billion in U.S. goods.
The move comes after Trump pushed up tariffs on $200 billion in Chinese imports from 10% to 25% Friday the same day U.S.-China negotiations trade ended without a breakthrough or any specific plan for further talks.
Trump says as he meets with Hungary’s Viktor Orban that U.S. farmers are going to be “very happy” with is plan.
He also says he’ll meet with Chinese President Xi Jinping and Russia’s Vladimir Putin at the upcoming G-20 summit in Osaka, Japan.
Stocks plummeted Monday as the U.S. and China rattled markets with an escalating trade war. The steep drop extends last week’s slide, with technology and industrial stocks bearing the heaviest losses. Apple and Boeing fell sharply. Traders are concerned that the latest escalation of the trade fight is increasing the risk of stunting global economic growth.
The Dow Jones Industrial Average sank 617 points, or 2.4%, to 25,324.
The S&P 500 fell 69 points, or 2.4%, to 2,811.
The Nasdaq, which is heavily weighted with technology stocks, plunged 269 points, or 3.4%, to 7,647, its biggest drop of the year.