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Stock markets down after Trump threats about trade restrictions China

2019-08-02T17:06:30.701Z

The European stock markets closed on Friday with substantial losses following threats from US President Donald Trump about new trade restrictions on producers from China.


The European stock markets closed on Friday with substantial losses following threats from US President Donald Trump about new trade restrictions on producers from China.

The AEX index on Beursplein 5 ended 3.2 percent in the red at 554.32 points. The MidKap fell 2.2 percent to 821.59 points. London, Frankfurt and Paris lost up to 3.6 percent.

All stock markets also opened with red numbers earlier in the day. The AEX index opened more than 2 percent lower. The German DAX index and British FTSE 100 lost 2 percent and 1.6 percent respectively.

Throughout Europe several steel producers and chip companies, which are sensitive to the trading problems, were worth a few percent less. Mining Antofagasta and chip supplier AMS both fell by more than 5 percent.

Oil prices rebounded after the heavy fall on Thursday. A barrel of American oil became 2.5 percent more expensive at $ 55.30. Brent oil rose 2.6 percent in price to $ 62.06 a barrel.

Trump introduces new import duties on Chinese products

The United States will introduce additional import duties on Chinese products from September. Trump announced this on Twitter on Thursday.

Trump wants to introduce additional import rates of 10 percent on 300 billion dollars (more than 270 billion euros) of Chinese goods. Earlier a rate of 25 percent was introduced on 250 billion dollars worth of Chinese goods. With the announced import tariffs, all Chinese products that are exported to the US fall under the Trump levies.

The US president made the move only a few days after trade envoys from both countries met for the first time in three months to discuss a possible trade agreement.

See also: Trump again introduces additional import duties on Chinese goods

Donald Trump (Photo: Reuters)

Source: nunl

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