At 9:33 AM ET, the Dow Jones Future tumbled 457 points, or 1.8%, to 25,485.76 points , while the S&P 500 Future sank 52 points, or 1.8%, 2,829.38 points and the tech-heavy NASDAQ Composite Future slid 179 points, or 2.3%, 7,738.33 points.
A sharp plunge came after Beijing indicated plans to raise tariffs from 5% to 25% on 5,140 U.S. products worth $60 billion starting on June 1, 2019, to retaliate the U.S. President Donald Trump’s instructions to Trade Representative Robert Lighthizer to prepare 25% tariffs on virtually all Chinese products imported to the U.S., including those which were not currently covered by existing levies.
The Stock Exchange of Thailand (SET) closed on Monday, May 13, 2019, at 1640.13 points, decreased by 8.56 points or 0.52% with a trading value of THB 41.04 billion.
Just last week, Trump threatened China to raised 25% on Chinese products worth $200 billion, which he did so on last Friday without waiting to see the result of the last day of the trade talks.
The word ‘trade war’ that for the past few months seemed to disappear from investors vocabulary is back!