Wall St. tumbles as yuan drop heightens US-China trade war fears
NEW YORK: Wall Street's major indexes posted their biggest percentage drop of the year on Monday as a fall in the yuan following U.S. President Donald Trump's vow to impose additional tariffs on Chinese goods sparked fears of further escalation of the U.S.-China trade war.
Adding to the tensions, China's Commerce Ministry said that Chinese companies have stopped buying U.S. agricultural products and that China will not rule out imposing import tariffs on U.S. farm products that were bought after Aug. 3. "There's a little bit of a vacuum in the market for the next several weeks," he said."We're in this corrective phase, and it likely has further to go."
No. 1 U.S. meat processor Tyson Foods Inc was one bright spot. Its shares rose 5.1per cent after the company beat quarterly profit estimates.
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