Does he look a little nervous now!
He should be.
Boeing, Tesla shares plunge 5% after China hits back with tariffs on US auto, aerospace industries
China on Wednesday announced brand-new tariffs on 106 U.S. products, including soybeans, cars, aerospace and defense.
Automaker and defense stocks are trading lower after the Asian country's move.
Tae Kim
Published 1 Hour Ago Updated 43 Mins Ago
CNBC.com
1 Hour Ago | 02:11
Stocks are tanking in Wednesday's premarket session on rising concerns over a potential trade war between the U.S. and China.
China on Wednesday announced brand-new tariffs on 106 U.S. products, including soybeans, cars, aerospace and defense.
As a result, auto makers are getting hit the most, with Ford and General Motors shares down more than 3 percent. Telsa's stock dropped 5 percent as China is a key market for the electric car maker.
Aerospace company Boeing is down nearly 5 percent. The company announced a $37 billion order for its planes from China last year.
U.S. machine manufacturers that serve the agricultural and construction industries also fell. Deere and Caterpillar shares are down more than 3 percent.
The Asian country's move came after the President Trump administration on Tuesday named a list of Chinese imports that it aims to target.
Sectors covered by Trump's proposed tariffs include products used for robotics, information technology, communication technology and aerospace.
https://www.cnbc.com/2018/04/04/tal...5-percent-as-china-announces-new-tariffs.html