Stock Bump Fizzles As U.S.-China Trade War Heats Up

StockmarketgainsmadelateMondayandearlyTuesdayfizzledbyTuesdayafternoonastheWhiteHouseleviedmoretariffsonChina. TheS&P500,NasdaqComposite,andDowJonesIndustrialAveragesurgedearly,buttheirgainslargelydisappearedbyTuesdayafternoon.TheS&P500endedabout0.2%uponthedayandtheNasdaqataround0.4%up.TheDowJonesisupjust0.2%afterjumpingbyover1,300pointsearlierintheday,accordingtoYahooFinance. TheUnitedStatesandChinaescalatedatradewaronTuesday.TheTrumpadministrationpreviouslyplannedtoincreasetariffsonChinaby34%onWednesdaybecauseofthe“LiberationDay”dutiesTrumphadannouncedlastweek.OnTuesday,theWhiteHouseannouncedthatitisplanninganadditional50%hikeonChinesegoodsafterBeijingthreateneditsowntariffsinresponse. “CountrieslikeChina,whohavechosentoretaliateandtrytodoubledownontheirmistreatmentofAmericanworkers,aremakingamistake,”WhiteHousePressSecretaryKarolineLeavittsaidonTuesday.“PresidentTrumphasaspineofsteel,andhewillnotbreak.” Stocksin