Stocks Fall After U.S. Says It Will Raise Tariffs: Markets Wrap
- Treasuries jump on haven demand following Lighthizer comments
- Yen strengthens agains most major peers; Oil pushes higher
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U.S. stocks futures slumped following the close of regular trading after President Donald Trump’s top trade negotiator said the U.S. plans to raise tariffs on Chinese goods, accusing Beijing of backpedaling on commitments it made during negotiations.
An exchange-traded fund tracking the S&P 500 fell 0.5 percent from its 4 p.m. close, while Treasuries extended gains. U.S. Trade Representative Robert Lighthizer told reporters Monday that the Trump administration plans to increase duties on Chinese imports on Friday. Stocks had marched almost all the way back from a sell-off fomented by Donald Trump’s threat to escalate the trade war.