Trump Xi trade war

Chinese tech stocks slid after President Donald Trump reportedly OK’d hitting China with the next round of tariffs.
Treasury secretary’s attempt to restart trade talks with Beijing and China welcomed the invitation on Thursday.
China said it will not buckle to US demands in any trade negotiations, reported by Reuters.
Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo, Nio trade in real-time here.

Chinese tech stocks are getting sliding after President Donald Trump reportedly OK’d hitting China with the next round of tariffs despite the two sides attempts to extend trade talks.

On Friday, Trump instructed aides onto proceed with tariffs on about $200 billion worth of Chinese products despite, Bloomberg says, citing four people familiar with the matter. The news comes just two days after Treasury Secretary Steven Mnuchin extended an invitation to Chinese officials to restart talks.

And while Ministry of Commerce welcomed the invitation on Thursday, Reuters reported that officials were unlikely to buckle to US demands, citing an editorial published Friday by the state-run China Daily newspaper.

As a result, Chinese tech stocks are taking a beat across the board. Here’s the scoreboard:

iQiyi (IQ): -4%
Nio (NIO): -4%
Pinduoduo (PDD): -3.4%
JD.com (JD): -1.3%
Baidu.com (BIDU): -0.6%
Alibaba (BABA): -0.5%

Now read:

Morgan Stanley says industrial companies will dominate the market going forward — here are the 8 stocks they love the most
A fund manager who’s crushing nearly all of her peers breaks down 3 under-the-radar stocks driving her strong performance
A Wall Street expert dispels a huge myth about the $5 trillion ETF market — and explains why tech employees are the big winners of the industry’s explosion

Join …read more

Source:: Business Insider

      

(Visited 2 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *