A fresh salvo in the U.S.-China trade war from President Donald Trump roiled financial markets a day after the Federal Reserve delivered the first Interest-Rate Cut in a decade in part to combat the spat’s effects on global growth. The S&P 500 saw the biggest two-day drop since May, with stocks swinging 2% from gains to losses, after Trump said America will levy a 10% tariff on $300 billion in Chinese goods starting Sept. 1. After markets closed, the president said the new levies could be raised beyond 25%.
The 10-year Treasury yield dropped to the lowest level since 2016, while two-year rates plunged as much as 18 basis points as traders increased bets on Fed cuts to another half point this year. The Japanese Yen rose the most in two months versus the US Dollar, while crude slumped 8%, its worst day in four years. Lenders led losses on benchmarks with Bank of America falling the most in more than two months. The declines spread across sectors as slumping global industrial company Caterpillar Inc., consumer brand Nike Inc. and tech giant Apple Inc. slammed the Dow Jones Industrial Average. A draft list of $300 billion worth of targets published by the Trump administration in May included a raft of consumer and technology goods, including most of Apple’s major products such the IPhone, along with toys, footwear and clothing.
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