Hello traders everywhere. The stock market is trading lower Wednesday after the Trump administration announced that is unleashing a new wave of tariffs on $200 billion worth of Chinese goods. The tariffs won't come into effect immediately but instead face a review process, with hearings taking place in mid-to-late August. The announcement came just days after both nations imposed $34 billion worth of tariffs on each other.
The Dow has fallen over 190 points as we enter afternoon trading, with Caterpillar as the biggest decliner. The S&P 500 has dropped 0.65% as energy, materials, and industrials dropped. The Nasdaq also declined 0.60%.