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New White House economic advisor Kudlow speaking
US trade actions are about holding to the laws and customs of free trade and not about trade wars
stock market should not overreact
market correction mild and overdue
President is a free trader at heart
market will love NAFTA deal when it happens
quite possible we will get a NAFTA deal soonWhen asked if US could lose a trade war, he says:
No I don’t see it that way. This is a negotiation using all the toolsWow the rebound:
After major US stock indices gapped way down after China retaliated with the SPX well below its 200 day MA at 2591 and futures having been as lows as 2553. .
Then boom the bounce – credit being given to those comments fror Larry Kudlow.
Technically SPX traded above after a false break of 200 day MA , and then started to extend higher.
The S&P closed up +30.24 points or +1.16% at 2644.69, from 2573.61 low (down -41 points at the low). The high was 2649.
The Nasdaq closed up +100.828 or 1.45% and closed at 7042.109. It was down -131 points at the lows of 6811.76. The high was 7059.29
The Dow had a massive 785 point turnaround from the low to the high and closed up 230.94 points or +0.96% after being down -511 points at the low of 23523. The high was 24308 (785 point range)In this fear and greed push me pull you does the S&P make a run toward the 100 day MA later this week at 2694.07.?
Traders Community @TradersCom
TradeWars Update – $ES_F Futures plunge near 40 handles After US President #Trump has instructed US Treasury to consider another $100bn additional tariffs on #China imports “in light of China’s unfair retaliation”
Larry Kudlow on Bloomberg
The President didn’t want to hurt the economy (I guess he means the markets)
We’re going to have ‘several months’ of consultation before more tariffs
Trump is the first President to challenge China
China is stealing our technology
Negotiations have not really begun yet
China’s response has been unsatisfactory
We haven’t proposed anything, we’re considering it
There is no timetable for negotiations
We’re taking a moderate, tempered approach. This is not a trade war
All we’re trying to do is save American technology
I think Lighthizer and Trump are considering a list of changes China could use remedy the situation, mostly on technology
China needs to open their markets
In recent years, China has moved backwards on economic openness[b]Trade War Losses Extend to European markets for the day but still up for the week.
Fridays and weekly closes:[/b]
French CAC -0.5% for the week +2.35%
German DAX -0.5% for the week +2.5%
Italy MIB -0.3% for the week+2.6%
Spain IBEX -0.8% for the week +1.1%
UK FTSE 100 -0.4% for the week +1.8%So much for negotiating a trade deal:
Tit for tat :
Friday China announced it will impose 25 percent tariffs on 545 imported U.S. products starting July 6, 2018. According to the Chinese commerce ministry, the first round of tariffs will apply to agriculture products, automobiles, and seafood, among other products.
Tariffs on 114 additional products including chemicals, medical equipment, and energy products will start at a later date. The affected products are worth a total of $50 billion. The Chinese tariffs are in response to President Donald Trump’s announcement that the U.S. will place tariffs on $50 billion worth of Chinese goods.
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