Further igniting the trade tension between the two countries, China increased its tariffs on $60 billion American goods in response to Trump’s move to increase tariffs over $200 billion Chinese goods. This move tanked the US stocks today and S&P 500 and DOW are at an all year low. Trump threatened this move well over a year ago and the administration had been delaying it until now.
The Chinese citizens have to now shell an additional 25% in order to get their hands on American products regardless of what they are. This trade war may also result in American companies losing their edge over other non-American companies who can sell their products at a cheaper cost.
The tech companies especially have taken a major blow, as their stocks plummet over this trade war. NVIDIA (NVDA: USD −10.37 (6.14%)), AMD(AMD: USD −1.72 (6.15%)), Intel (INTC: −1.44 (3.12%), Apple (AAPL: −11.46 (5.81%)). Seems like Apple might need to reconsider its plans to expand to the Chinese market after the tariff slap. Intel has also been planning to move its 3D Xpoint memory production to China, this