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US stocks trade lower after Trump's trade move
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Top Stories |
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IANS | 24 Mar, 2018
The US stocks pared earlier
gains to trade lower on Friday as Wall Street continued to assess
President Donald Trump's announcement to impose tariffs on imported
Chinese products.
Despite strong warnings from business groups
and trade experts, Trump on Thursday signed a memorandum that could
impose tariffs on up to $60 billion of imports from China, in a
unilateral move that triggered market selloff, Xinhua reported.
According
to the presidential memorandum, Trump has directed the US Trade
Representative Robert Lighthizer to publish a list of proposed Chinese
goods that could be subject to tariffs in 15 days, while the US Treasury
Department will have 60 days to propose restrictions on Chinese
investment in the US.
The move prompted the biggest percentage
plunges in Wall Street's three major stock indexes in six weeks, with
the Dow slumping over 700 points, as investors were agitated by the
scale of the US tariffs and possible impact on global trade.
The
Chinese Embassy in the US, in response, said "it is a typical unilateral
trade protectionist action. China is strongly disappointed and firmly
opposes such an action."
On the economic front, the US new orders
for manufactured durable goods in February increased $7.4 billion, or
3.1 per cent, to $247.7 billion, the Commerce Department said on Friday.
Around
midday, the Dow Jones Industrial Average lost 2.31 points, or 0.01 per
cent, to 23,955.58. The S&P 500 decreased 6.93 points, or 0.26 per
cent, to 2,636.76. The Nasdaq Composite Index was down 38.85 points, or
0.54 per cent, to 7,127.82.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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