US Exporter stocks get hit by trade war fears
After tariff announcement, attention turns to firms most vulnerable to retaliation
The worst performers in today’s market plunge in the Dow-Jones Industrial Average are America’s top exporters — United Technologies, Boeing, Intel, Caterpillar and Cisco, down between 2.4% and 3.1%. The market is punishing companies that would be hurt most in a trade war if China (or others) were to retaliate against protectionist measures by the United States.
The Dow tumbled by as much as almost 500 points, or 2%, after Trump’s announcement that he would impose harsh tariffs on steel and aluminum. The benchmark ended down 1.68%, while the S&P 500 closed down 1.33%.