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Markets tumble after latest salvo in trade war with China

by Leigh Jones
Posted 6/19/18, 02:15 pm

U.S. markets tumbled Tuesday morning after the Chinese government accused U.S. President Donald Trump of launching a trade war with new tariffs announced Tuesday. Trump directed the U.S. trade representative’s office to come up with $200 billion in Chinese goods to slap with a 10 percent import tax. The proposed tariffs would cover the biggest group of goods so far in the ongoing trade spat between the two countries. “If the U.S. side becomes irrational and issues the list, China will have to adopt comprehensive measures in quantity and quality in order to make strong countermeasures,” the Beijing government said in a statement issued by the Ministry of Commerce. Trump has ordered tariffs on a total of $450 billion in Chinese imports in the last few months in a bid to close the gaping trade deficit between the two countries. The proposed tariffs equal 89 percent of Chinese goods imported into the United States last year.

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Leigh Jones

Leigh lives in Houston with her husband and daughter. She is the news editor for The World and Everything in It and reports on education for WORLD Digital.

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  • OldMike
    Posted: Tue, 06/19/2018 03:57 pm

    Let's put this "market tumble" in perspective, please.

    First, the drop today is about 1.4% on the Dow-Jones.  Overall, for the year, markets are down about .3%.  If you have investments of $500,000, the value of your investments dropped about $7000 today.  (I personally don't have nearly that much, and I doubt many readers do, so our "losses" are proportionally less)  But is that an earth-shattering loss for any of us?  Really?  SO DON'T PANIC!!

    Second, the markets also go up, and recovery is a given.  What you have "lost" will come back.

    Third, if you consider the markets another way, your ownership of investments is in "shares" of companies.  The companies you are invested in are still in business, doing what they do every day to make money, and the number of shares you own has NOT changed.  You still own as great an amount of Company XYZ today as yesterday, unless you have succumbed to panic and sold.  The thing that has dropped is actually a "perception" of value. 

    So again:  DON'T PANIC!

    Besides, you and your investments are in the Hands of the Lord anyway, and does He not know what you need?