REPORT: Trump sends stock market into free fall with tweets
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U.S. stock markets plummeted Tuesday as a series of tweets from President Donald Trump suggested a trade war with China could resume next year despite claims of a truce and a long-term deal between the two countries.
The Dow Jones closed almost 800 points down at 25,027, a loss of 3.1 per cent of its value, while billions were also wiped off the value of the Nasdaq and the S&P 500, the other two key indices.
The article goes on to state the following:
The S&P 500 lost 90 points, or 3.2 percent, to 2,700. The Nasdaq fell 283 points, or 3.8 percent, to 7,158.
As DML News reported earlier Tuesday, Trump said in tweets that he and Xi would ‘probably’ have a deal at the end of a 90-day timetable for talks that began on Saturday – but declared himself against free trade.
The declaration sent shockwaves through stock markets already nervous of a downturn and buffeted by fears of a tech slowdown which has seen Apple and other Silicon Valley firms lose billions off their value.
‘Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina,’ he asserted. ‘China is supposed to start buying Agricultural product and more immediately. President Xi and I want this deal to happen, and it probably will.’
He then proclaimed himself to be a ‘tariffs man’ in direct contradiction to his own White House’s assertions that Trump is a free-trader.
Discrepancies over when that truce would begin has led to confusion. While President Donald Trump’s economic advisor, Larry Kudlow, told reporters Monday that the cease-fire would start from January 1, the White House later issued a corrected statement saying that the 90-day truce period would start on December 1.
A Wall Street trader who spoke to DML News on the condition of not having his name and company revealed said “the markets are no longer in love with Trump.” The seasoned trader said his high-wealth institutional investors are fed up with Trump and want to see him gone in 2020. “He’s erratic, he’s inconsistent and way over his head,” said the trader. “Wall Street loves predictability, and the only thing predictable about Trump is that he is unpredictable.”
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