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Trade War or Fed War?
Just after the Federal Reserve announced a quarter percent rate cut, President Trump announced more tariffs. This sparked fear on Wall Street of an escalating trade war, which sent the S&P and NASDAQ Composite tumbling down, marking their worst week of the year.
Trump announced that starting September 1, $300 billion worth of Chinese goods, ranging from toys to iPhones, will be slapped with a 10% tariff. This is on top of the existing 25% tariff on $250 Billion worth of imports.