Stocks Drop on Souring Trade News

The widely-expected U.S. - China trade agreement, which was reportedly “very close” last week, appears to be much further away after President Trump reportedly said he’d increase tariffs on China if a deal can’t be reached. Trump also announced he’d be reinstating steel and aluminum tariffs on Brazil and Argentina in response to his belief that the two South American countries are intentionally devaluing their currencies to the detriment of U.S. farmers. Although this particular announcement has rattled the financial markets, it shouldn’t have much of an effect on Brazil or Argentina.

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