Wall St. whipsaws after Trump threatens China with further tariff

Chinese Vice Premier Liu He will travel to the US for trade talks on May 9 and 10 2019

Investors were blindsided Sunday with a tweet from President Donald Trump stating he was set to raise tariffs on $200 billion worth of Chinese goods and tack on levies to an additional $325 billion of Chinese imports, ending a five-month trade ceasefire between the US and China.

Data released Thursday showed the USA goods trade deficit with China shrank to its smallest level in five years in March, which could further embolden Trump as he escalates the trade war with Beijing.

The U.S. already imposes a 10 percent tariff on $200 billion of goods and a 25 percent tariff on $50 billion of tech products.

By comparison, the Dow Jones Industrial Average fell almost 6% in 2018 and is already up some 11% this year.

"The reason for the China pullback & attempted renegotiation of the Trade Deal is the honest HOPE that they will be able to "negotiate" with Joe Biden or one of the very weak Democrats, and thereby continue to ripoff the United States (($500 Billion a year)) for years to come", Trump tweeted on Wednesday.

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Other major indexes in Asia, such as the Shanghai composite and Hong Kong's Hang Seng Index shed 0.41 percent and 0.42 percent, respectively, around 10:30 a.m. Japan's Nikkei 225 was also down by 0.86 percent in the same time period.

Investors have been expecting a deal during this calendar year, which contributed in all the indexes. Boeing Co, the single largest US exporter to China slipped 0.5%, while chipmakers, which get a large chunk of their revenue from China, also declined. He added that he was "very happy with over $100 billion a year in Tariffs filling USA coffers".

USA officials say they got an inkling of China's second thoughts about prior commitments in talks last week in Beijing, but that the backsliding became even more apparent in exchanges over the weekend. Brent crude, the global standard, lost 1.9 percent to close at $69.88. The report comes just days before the hotly anticipated IPO of Lyft's much larger rival, Uber.

Exports unexpectedly declined in April, with some analysts attributing the drop to slumping shipments to the United States. But this week investors dumped shares of companies that depend on sales in China.

With results entering the final stretch, first-quarter earnings are now expected to rise 1.2%, a sharp improvement from the 2.3% decline expected at the start of the season.

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Electronic Arts Inc rose 2.9% after the videogame maker posted better-than-expected quarterly revenue, riding on the popularity of its battle royale game, "Apex Legends".

NOT SO SLICK: Marathon Petroleum slid 6.8% after the oil refiner reported a surprise first quarter loss and announced the merger of two of its operations for $9 billion. Brent disagreeable, the worldwide typical, lost 69 cents to $69.69.

Wholesale gasoline gained 1.3% to $1.98 per gallon. Natural gas rose 2.9% to $2.61 per 1,000 cubic feet.

Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored decliners. The euro strengthened to $1.1192 from $1.1183.

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