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.
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“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.