The Dow Jones Industrial Average slid over 150 points to start Wednesday morning’s trading session amid new tariffs on Chinese products announced by U.S. President Donald Trump’s administration.
The S&P 500 slipped 0.43 percent and the NASDAQ fell 0.16 percent. The continuing narrative of new tariffs and negative gains continue to spin the markets, confounding market experts.
“At this point I’m hoping for more science in searching for a deal and less art,” said Peter Boockvar, chief investment officer at Bleakley Financial Group. “China seems to have no interest in bending … and they will retaliate.”
The new tariffs came just a couple of hours after Tuesday’s trading session ended, which consists of 10 percent duties on $200 billion worth of Chinese goods. The move comes after both the U.S. and China hit each other with $34 billion worth of tariffs.