Dow set to tumble after China announces new tariffs [CNN]
General Motors Company (GM)
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Source: CNN
Dow set to tumble 500 points after China announces new tariffs Stock futures are getting hammered Wednesday as trade tensions between the United States and China mount. The Dow is set to plummet 500 points at the open as wary investors sell off industrial giants with heavy exposure to China. Nasdaq futures signaled a 2% fall, while S&P 500 futures were off 1.7%. "It is nobody's best interest for the United States and China to engage in a trade war," said Sam Stovall, chief investment strategist at CFRA Research. The Chinese Ministry of Commerce said Wednesday that it plans to impose a 25% tariff on $50 billion worth of US exports, including planes, cars soybeans and chemicals. Related: China fires back, announcing tariffs on US planes, cars and soybeans China's move is in retaliation to the Trump administration announcing Tuesday that it would to impose tariffs on about 1,300 Chinese goods worth about $50 billion annually. The tariffs will not go into effect immediately, leaving t
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