The US markets ended lower on Monday after President Donald Trump threatened to impose tariffs on all Chinese imports. Trump said tariffs on $200 billion worth of Chinese goods would be increased to 25 percent on Friday and threatened to impose tariffs on the remaining $325 billion worth of Chinese goods shortly. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. The 10 percent tariff had been scheduled to rise to 25 percent at the end of last year, but the increase was delayed due to ongoing trade talks. Trump claimed the tariffs being paid by China for the past several months are partially responsible for our great economic results.
Though, trade negotiations were set to resume this week between the two countries and last week US officials had seemed hopeful a deal was imminent. The Chinese team still planned to go to Washington for talks, which are due to restart on Wednesday, with some hopeful for a deal as soon as Friday. In scrip specific development, shares of Kraft Heinz Company rose 0.6%, shrugging off reports that the food company will have to restate the financial statements in its annual reports for 2016 and 2017, and for each quarterly period for the first nine months of 2018, as it continues to investigate certain misstatements.
Dow Jones Industrial Average dropped 66.47 points or 0.25 percent to 26438.48, Nasdaq declined 40.71 points or 0.50 percent to 8123.29 and S&P 500 was down by 13.17 points or 0.45 percent to 2932.47.
