The worst of the year, nearly a 1000 point drop on top of what happened last week.
"We have a trade situation that is going off the rails," Peter Boockvar, chief investment officer at Bleakley Advisory Group, wrote in a note to clients on Monday. "The policy of using tariffs as a tool to address our legitimate beefs with the Chinese has failed miserably."
David Kotok, co-founder and chief investment officer of investment firm Cumberland Advisors, told CNN Business that "this stupid tariff war we're having" is raising the risk of a recession.
The Chamber of Commerce warned last week that these new tariffs "will only inflict greater pain on American businesses, farmers, workers and consumers, and undermine an otherwise strong US economy."
America's farmers won't get relief any time soon. China's Commerce Ministry confirmed that Chinese companies have halted purchases of US agricultural products.
FDIC Chairman Jelena McWilliams told CNN Business last week that the agency is "monitoring very closely" how banks in farm states are being impacted by the trade war.
"We may experience more delinquencies, which then become very difficult for those communities and our ag sector," McWilliams said.
"China is taking a darker and more cynical view of Trump's objectives with China," said Michael Hirson, Eurasia Group's practice head of China and Northeast Asia. "They're becoming increasingly pessimistic about their ability to steer Trump away from further escalation."
The bottom line? Trump's trade policy with China is an utter failure and it may very well lead to a recession sooner rather than later...
"We have a trade situation that is going off the rails," Peter Boockvar, chief investment officer at Bleakley Advisory Group, wrote in a note to clients on Monday. "The policy of using tariffs as a tool to address our legitimate beefs with the Chinese has failed miserably."
David Kotok, co-founder and chief investment officer of investment firm Cumberland Advisors, told CNN Business that "this stupid tariff war we're having" is raising the risk of a recession.
The Chamber of Commerce warned last week that these new tariffs "will only inflict greater pain on American businesses, farmers, workers and consumers, and undermine an otherwise strong US economy."
America's farmers won't get relief any time soon. China's Commerce Ministry confirmed that Chinese companies have halted purchases of US agricultural products.
FDIC Chairman Jelena McWilliams told CNN Business last week that the agency is "monitoring very closely" how banks in farm states are being impacted by the trade war.
"We may experience more delinquencies, which then become very difficult for those communities and our ag sector," McWilliams said.
"China is taking a darker and more cynical view of Trump's objectives with China," said Michael Hirson, Eurasia Group's practice head of China and Northeast Asia. "They're becoming increasingly pessimistic about their ability to steer Trump away from further escalation."
The bottom line? Trump's trade policy with China is an utter failure and it may very well lead to a recession sooner rather than later...