You are here

US: Stocks dip after latest tariff proposal

doc761pkifadp0hgewi8vm_doc75w75bljrnll8kdj9vl.jpg
Wall Street stocks pulled back early Tuesday amid lingering trade uncertainty as the United States threatened to impose additional tariffs on European goods.

[NEW YORK] Wall Street stocks pulled back early Tuesday amid lingering trade uncertainty as the United States threatened to impose additional tariffs on European goods.

Markets were still digesting the implications of a weekend agreement between US President Donald Trump and Chinese President Xi Jinping to refrain from additional tariff measures.

But analysts said trade concerns remained at the forefront, especially after Washington proposed tariffs on US$4 billion in European imports on items such as cheese and whiskey over European subsidies for commercial aircraft.

Although the US-China dispute has been the market's biggest trade preoccupation, Mr Trump has also frequently criticised European Union trade measures.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 26,668.39, down 0.2 per cent.

The broad-based S&P 500 dipped 0.1 per cent to 2,961.70, while the tech-rich Nasdaq Composite Index lost 0.1 per cent at 8,084.83.

Key data on trade and the services sector is scheduled in the coming days, in addition to the June jobs report. Markets will be closed on Thursday for US Independence Day but will resume trading on Friday.

AFP