San José, CA – On Friday, October 26, the U.S. stock market fell again. The broadest measure of U.S. stocks, the S&P 500, which measures the prices of 500 of the largest corporations in the United States, fell 1.7%, ending the day below where it started the year in January. One of the hardest hit stocks was Amazon, which fell almost 8% on Friday, down nearly 20% since it hit a high in September, giving the corporation a market value of $1 trillion.
San Jose, CA – On October 15, the U.S. Treasury department said that the federal government budget deficit for Fiscal Year 2018 soared 17% from the previous year, to $779 billion. This was equal to 3.9% of the Gross Domestic Product, or GDP, the official measure of total production of goods in services in the United States in a year.
San José, CA – On Wednesday and Thursday, October 10 and 11, U.S. stock markets slumped, with the widely followed Dow Jones Industrial Average or Dow down over 800 points on Wednesday and another 500 points on Thursday. While the market did recover a bit at the of trading week on Friday, with the Dow up about 250 points, uncertainty about the bull market in stocks and the ongoing economic expansion are back.
San José, CA – On Sept. 17, President Trump announced that tariffs of 10% will be slapped on $200 billion of Chinese goods starting Sept. 24. These tariffs will rise to 25% at the beginning of 2019. Trump also said that he would put tariffs on another $267 billion dollars of imports from China if China responds to his tariffs. Along with the tariffs on $50 billion of Chinese imports already in place, this would mean steep tariffs on virtually all of the $500 billion in goods that the United States buys from China.
_Tariffs on an additional $200 billion of Chinese imports includes Christmas lights _
San José, CA – While most Americans won’t have a ‘white Christmas’ this year, many of us will be looking forward to the displays of lights on many homes and businesses. Now the Trump administration’s escalating trade war with China threatens to dim this coming holiday celebrations – or at least make them more expensive.
San José, CA – U.S. stock markets fell again, June 25, as trade war worries continued to weigh on investors. The Dow Jones Industrial average fell 1.3% or more than 300 points, after regaining some ground from a 500 point sell-off earlier in the day. The NASDAQ index, which includes more stocks of high-tech companies, fell over 2%.
San José, CA – On June 19, stock markets around the world fell in reaction to U.S. President Trump’s promise to escalate the U.S. trade war with China. The Japanese Nikei index fell almost 2% along with other Asian markets. In Europe, Germany’s export-oriented economy meant its stocks were hit the hardest, with the German DAX index down more than 1%. The world sell-off ended in New York City, with the Dow Jones industrial average down more than 1%, bringing the average to below its starting point for the year.
San José, CA – On Friday, June 15, President Trump signed orders to place tariffs (taxes) on $34 billion of imports from China beginning July 6. The office of the U.S. Trade Representative (USTR) will be imposing tariffs on another $16 billion of imports from China in the near future for a total of $50 billion in imports facing 25% taxes. This represents another turnaround in trade from a few weeks ago, when Trump’s Commerce Secretary Steve Mnuchin said that the trade war was “on hold” after initial negotiation with the Chinese government, which had offered to increase purchases of U.S. goods and further open the Chinese economy to foreign investments.
San José, CA – On Friday, June 1, new U.S. tariffs of 25% on steel and 10% on aluminum imported from Canada, Mexico and the European Union (EU) went into effect. These countries supply about half of U.S. steel imports. All of the countries responded with counter-tariffs on U.S. exports that will start in a month or less. In addition, the other countries are going to be filing suit with the World Trade Organization (WTO), charging that the U.S. reason of “national security” is just a fig leaf to cover U.S. violation of WTO rules.
