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Wall Street rallies fall despite car tariff delay

2019-05-17 02:40 pm | Resource: News | No Views : 111

 Wall Street rallies fall despite car tariff delay

Markets opened in the United States in the red zone on Friday despite a decision by US President Donald Trump to delay tariffs on imported cars for six months earlier in the day.

The news was overshadowed by the continuing trade dispute between the United States and China, which accused the former of "simple tricks" and lack of sincerity in their dealings. In other news, economic data was released on US consumer sentiment and the weekly oil platform calculation after the opening bell.

US customs duties on cars are officially postponed for 6 months

US President Donald Trump's administration decided to defer customs duties on imported cars on Friday as it continued to negotiate trade deals with the European Union and Japan. By Saturday, the White House had to decide on car duties, but it was reported earlier this week that Trump would delay it for 180 days.

"Within 180 days of the date of this declaration, the Trade Representative will inform me of the outcome of the negotiations under item (1) of this Declaration" and a decision will be taken accordingly, the White House statement said. In addition, the President directed US Trade Representative Robert Laizer to lead negotiations with the European Union.

US consumer confidence rose to a 15-year high in May

The results of a preliminary survey conducted by the University of Michigan on Friday showed confidence among consumers in the United States improved markedly in May. The Michigan Consumer Confidence Index (MCSI) stood at 102.4, up 5.3% from the previous month and 4.5% year-on-year.

The current economic conditions index was 112.4, up 0.1% from the previous month and 0.6% from the same month last year. Meanwhile, the Consumer Sentiment Index rose 9.8% from April and 7.7% from May 2018 to 96.0.

"The consumer confidence index in May rose to its highest level in 15 years, and every gain in May was in the outlook index, which also rose to its highest level since 2004," said Richard Cortin, chief consumer economist at consumer polls. the report. "Even regardless of the direct effect of tariffs on tariffs, increasing tariffs can cause a general loss of confidence that can reduce consumer spending," he said. "At the moment, data show moderate spending growth in the year Next ".

Wall Street Opens
  • The Dow Jones Industrial Average recovered slightly from its previous losses to open 0.77% in the red zone, with 3M falling 1.33%.
  • Meanwhile, the Nasdaq 100 fell 0.90%, led by Baidu which fell 14.76% after it released a profit report on Thursday.
  • The Standard & Poor's 500 Index was down 0.76%.

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