Hello traders everywhere. The stock market dropped Friday after the Trump administration announced its China tariffs saying it will impose a 25% charge on up to $50 billion in Chinese goods. On that news the DOW dropped over 200pts, the S&P 500 dropped 0.4% as tech and industrials fell and the NASDAQ has backed off its all-time highs to shed 0.35%.
In a statement Friday, President Donald Trump said the measures would affect Chinese goods "that contain industrially significant technologies," without specifying those products. He added that the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices."
Trump also said the U.S. would impose more tariffs on Chinese goods if China retaliates with duties of its own on American products. This left many traders to wonder if we are officially in a "Trade War" with China now.
Key Levels To Watch Next Week:
S&P 500 (CME:SP500): 2,801.90 / 2,676.81
Dow (INDEX:DJI): 25,449.15 / 24,247.84
NASDAQ (NASDAQ:COMP): 7,354.29
Gold (NYMEX:GC.Q18.E): 1,313.00
Crude Oil (NYMEX:CL.N18.E): 67.16
U.S. Dollar (NYBOT:DX.M18.E): 92.76
Bitcoin (CME:BRTI): 7,666.47