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Wall St. drops on surprise Mexico tariff threat


Added 05-31-19 03:03:01pm EST - “U.S. stocks dropped on Friday, putting the S&P 500 on track for its first monthl...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Wall St. drops on surprise Mexico tariff threat”. Below is an excerpt from the article.

NEW YORK (Reuters) - U.S. stocks dropped on Friday, putting the S&P 500 on track for its first monthly drop of the year after President Donald Trump’s surprise threat of tariffs on Mexico fueled fears increasing trade wars could lead to a recession.

Washington will impose a 5% tariff from June 10, which would then rise steadily to 25% until illegal immigration across the southern border was stopped, Trump tweeted late on Thursday.

“Mexico would probably like to work something out but I don’t think they even know what to work out,” said Tim Ghriskey, Chief Investment Strategist at Inverness Counsel in New York.

“It’s impossible to handicap Trump because something can come out of left field like this and something can go away just as quickly.”

The Dow Jones Industrial Average fell 315.97 points, or 1.26%, to 24,853.91, the S&P 500 lost 33.82 points, or 1.21%, to 2,755.04 and the Nasdaq Composite dropped 97.59 points, or 1.29%, to 7,470.12.

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