This news just expands the uncertainty in the markets. Technically, the damage has been done to the S&P 500 Index and the Nasdaq Composite Index. Both have fallen below their 200-day moving averages, which are viewed as bear market signals.
Bloomberg reports that US President Donald Trump said he was open to reducing his tariffs if other nations were able to offer something “phenomenal”, indicating that the White House was open to negotiations despite the insistence of some top officials.
Trump, speaking on Air Force One on his way to his weekend golf break, is reported to have said the tariffs give him power to negotiate and every country has called the administration.
