Trade War Jitters Send US Stocks Into Reverse
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2018-03-02 HKT 05:37
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US stocks fell sharply on Thursday as investors worried that President Donald Trump's planned tariffs on steel and aluminum will lead to retaliation from other countries.
Trump told industry executives on Thursday he would impose the tariffs next week.
The head of the European Commission said the region would respond in kind, and Canada also criticised the tariff plan.
Industrial companies like Boeing and Caterpillar fell sharply, as did exporters like Apple whose overseas sales could be hurt by a trade war. Steel makers rose.
The Standard & Poor's 500 index dropped 1.3 percent to 2,677.
The Dow Jones industrial average fell 1.7 percent to 24,608. The Nasdaq fell 1.3 percent to 7,180. (AP)
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