The S&P 500 Index fell 3.1% and Nasdaq fell 3.9% after Trump announced an additional 10% levy on an additional $300 billion of Chinese goods Sep. 1st. The broader markets had a paper loss of about $1.1 trillion.
The Fed delivered the expected rate cut, but the market didn’t like his comments about the speed or need for future cuts. Despite favorable payroll numbers on Friday and record U.S. expansion, slowing global growth and trade tensions took the stage during the selloff.
China lost its first-place trading status with the U.S. Now Mexico is first, followed by Canada.
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