Wall Street Falls On Tariff Announcement

Wall Street stocks finished decisively lower on Thursday, with many retailers tumbling, after US President Donald Trump announced a new round of tariffs on Chinese goods.

Trump's early-afternoon tweet announcing the tariffs on another US$300 billion in goods sent investors to the exits and left the Dow Jones Industrial Average 1.1 per cent lower at the closing bell at 26,583.

The broad-based S&P 500 slid 0.9 per cent to 2,953, while the tech-rich Nasdaq Composite Index dropped 0.8 per cent to 8,111.

Trump's announcement of the 10 per cent tariff to take effect on September 1 jolted stocks from a rally following the Federal Reserve's move on Wednesday to cut interest rates for the first time in more than a decade.

At the White House, Trump told reporters was "not concerned" by the negative reaction among investors, saying he had anticipated it.

The news prompted a broad-based sell-off but fell especially hard on retailers such as Best Buy, which lost 10.8 per cent, Target, which tumbled 4.4 per cent and Macy's, which sank 6.8 per cent.

Amazon and Walmart, which are seen as having more clout with suppliers, also declined, but by less than one per cent. (AFP)