Trade War: Markets React to China Retaliating to Latest U.S. Tariff Hike
It's a rough day for markets.
Stocks fell sharply on Monday after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the U.S. and China intensifies.
China will hike tariffs on $60 billion worth of U.S. imports, starting on June 1.
The goods targeted?
A broad range of agricultural products.
China's latest move comes after President Donald Trump raised tariffs on Chinese imports last week to 25%.
Real Money's Kevin Curran tells Action Alerts Plus' Senior Analyst Jeff Marks what he thinks investors should do in response to the latest news.
"I think what investors should do is look back at what happened last year and maybe not panic as much as the markets are suggesting.
Because, for example, if you sold out of a company that was severely affected by tariffs like Apple , when things got at their worst, then you missed a 45% run to the upside." Curran added, "So I think that this is a president that clearly wants to bank his reelection campaign on the market, and if you're thinking that he's not going to let market slide as consistently as they have the past week into 2020 then there's room to kind of wait it out and hopefully there'll be some kind of deal where he can spring the market back up because that's going to be one of his main platforms in 2020." Watch Jim Cramer's Daily NYSE Show and Replays Below