“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” said Trump, in a post on Truth Social<\/a>. “One of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products coming into the United States of America.”<\/p>\n Trump accused China of holding the globe “captive” using its rare earths metals resources. Earlier this week, China tightened<\/a> their control on the market requiring foreign entities to get a license from Beijing to export anything that contains rare earths worth 0.1% or more of the value of the goods.<\/p>\n Stock Chart IconStock chart icon Dow, intraday<\/p>\n Shares of tech stocks with the most to lose from souring trade relations with China led the rapid sell-off Friday. Nvidia lost more than 2.5%. AMD dropped 7%. Tesla shed 2%.<\/p>\n “Expectations for a China trade deal just got swept off the table,” said Jeff Kilburg, founder of KKM Financial. “Profit takers are out in full force.”<\/p>\n The setback with China came as the U.S. government shutdown dragged into its 10th day on Friday, adding to the bearish sentiment to close out the week. The Senate failed for a seventh time<\/a> Thursday to pass dueling stop-gap funding proposals that would have put an end to the stoppage. At this point, there have been no signs that Republicans and Democrats have made meaningful progress on negotiations.<\/p>\n Friday’s declines wiped out the S&P 500’s gain for the week. The benchmark was now on track to lose 1% for the period. Earnings season is set to begin in earnest next week, with several banks such as Citigroup<\/a> and JPMorgan<\/a> slated to post their third-quarter results.<\/p>\n","protected":false},"excerpt":{"rendered":"Traders work on the floor during morning trading at the New York Stock Exchange. Angela Weiss | Afp…\n","protected":false},"author":2,"featured_media":203023,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[1386,45,161,49,48,95,4492,7176,1376,49219,4357,4495,95677,100,49221,3098,1369,1371,49220,1378,3097,772],"class_list":["post-203022","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-breaking-news-markets","tag-business","tag-business-news","tag-ca","tag-canada","tag-china","tag-citigroup-inc","tag-delta-air-lines-inc","tag-donald-trump","tag-dow-jones-fut-sep25","tag-dow-jones-industrial-average","tag-jpmorgan-chase-co","tag-levi-strauss-co","tag-markets","tag-nasdaq-100-fut-sep25","tag-nasdaq-composite","tag-nvidia-corp","tag-pepsico-inc","tag-sp-500-fut-sep25","tag-sp-500-index","tag-stock-markets","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/203022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=203022"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/203022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/203023"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=203022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=203022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=203022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
<\/p>\n