Wall Street suffers worst losses of 2019 on US-China trade war escalation

NEW YORK: Wall Street stocks plunged on Monday after a forceful response by Beijing to the latest US tariff announcement escalated an ongoing trade war, exacerbating global growth worries.AdvertisementThe broad-based S&P 500 slumped 87.31 points to 2,844.74, while the tech-rich Nasdaq Composite Index tumbled 278.03 points to 7,726.04., seen as a retaliatory step after US President Donald Trump announced last week he would impose 10 per cent tariffs on US$300 billion in Chinese imports.

Chris Krueger, a Washington strategist at Cowen, an investment bank, said of China's rebuttal,"on a scale of 1-10, it's an 11," compared with other possible measures. But other analysts noted has sometimes not gone ahead with such measures, alluding to reports that the latest tariff announcement was opposed by some key White House aides."Negotiations will continue to take place," said Alan Skrainka of Cornerstone Wealth Management."What we're seeing is hardball negotiations playing out in the public eye."Apple, which manufactures iPhones and other goods in China, shed 5.2 per cent.

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