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President Trump sent a series of tweets on Friday afternoon addressing the relationship between the United States and China. The president ordered that U.S. companies “immediately start looking for an alternative to China,” which sent Apple stock down by over 4 percent.
Trump’s comments came on Friday after China said they would levy tariffs on an additional $75 billion worth of United States goods. Immediately after Trump sent his tweets, stocks including Apple, Qualcomm, and Nvidia began to fall.
Shares of Apple ended the day down 4.6%, while the VanEck Vectors Semiconductor ETF declined 4.1%. Among the chip companies, Qualcomm slid 4.7%, Nvidia lost 5.2%, Advanced Micro Devices dropped 7.4%, Micron fell roughly 4% and Broadcom slid 5.3%.
The tech-heavy Nasdaq was off 2.6%, while the Dow Jones Industrial Average slid 2.3% and the S&P 500 fell 2.5%.
Trump’s multi-tweet thread on Twitter accused China of stealing intellectual property from the United States “at a rate of hundreds of billions of dollars per year.” He then ordered United States companies to “start looking for an alternative to China.”
Watch the video:
….better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..
— Donald J. Trump (@realDonaldTrump) August 23, 2019
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