Renewed U.S.-China trade tensions push down Wall Street
Wall Street’s major indexes dipped on Wednesday as inflamed trade tensions between the United States and China weighed on investor sentiment.
A day after Washington’s temporary easing of curbs against Huawei Technology Co Ltd provided respite to U.S. stocks, reports that the White House could impose restrictions on another Chinese technology company rattled U.S. stocks anew.
Media reports on Wednesday said the Trump administration was considering sanctions on video surveillance firm Hikvision.
Fears that tit-for-tat tariffs and other retaliatory actions by the United States and China will hamper global growth have kept investors on edge, putting the S&P 500 on track to post its first monthly decline since the December selloff.
“Business between the U.S. and China is not going to be what it was two months ago,” said Jim Awad, senior managing director at Clearstead Advisors in New York. “They’re going to tighten the screws, and we’re going to tighten the screws.”