U.S. Stocks Fall on Trump Plan for China Tariffs: Markets Wrap
- Euro weakens, loonie sinks; EM equities, currencies decline
- Argentina raises key interest rate to 60% to protect peso
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U.S. equities slumped as President Donald Trump was said to move ahead with a plan to impose new tariffs on China as soon as next week. Emerging-market assets tumbled and the dollar rallied as traders sold riskier assets amid turmoil in Argentina and Turkey.
The S&P 500 Index extended its drop after the report on Trump’s trade plan, with industrial stocks among the worst performers. The largest exchange-traded fund tied to the benchmark gauge maintained losses in after-hours trading after Trump said in a Bloomberg interview that he would pull out of the World Trade Organization if it doesn’t treat the U.S. better. Apple Inc. held on to an advance as Warren Buffett said he likes the iPhone maker.