Stock dive as trade tensions heat up between USA and China

For the week, the Dow lost 170 points, or 0.7%, to 23,932.76.

Chipmakers, many of which have the highest revenue exposure to China among S&P 500 companies, also fell. That came with the USA considering duties on an additional $100 billion in goods imported from China.

"Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process", McMillan said. "We're not quite sure what the long-term strategy is". The Dow is down 10.1% from its January closing high, technically in correction.

The S&P 500 fell 2.2 per cent in NY, capping a 1.4 per cent drop in the week. The Nasdaq composite dropped 2.1 percent.

USA stock indexes opened lower on Friday as renewed fears of a trade conflict between the United States and China outweighed a lower-than-expected March jobs data that eased concerns over aggressive interest rate hikes.

US President Trump said he is considering tariffs on an additional 100 billion dollars-worth of Chinese imports, and China has warned that it is ready to retaliate.

USA stocks traded lower on Thursday as news that President Donald Trump would propose trade duties on China imports stoked fresh fears about a potential trade war between two of the world's largest economies that could impede domestic economic expansion in roughly its ninth year.

"China's response to our complaints ... has been unsatisfactory", he said.

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Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said in his statement Thursday. "There will be public comment, while we're in the period before the tariffs go on".

The US stock market dropped Friday as renewed fears of a trade conflict between the US and China mounted.

Trump said he instructed the US Trade Representative to "identify the products upon which to impose" the additional tariffs he suggested. "The WTO is unfair to U.S". Treasury Secretary Steven Mnuchin added to the anxiety by saying there's a "level of risk" the spat could worsen.

"The stock market is in a bit of a tug of war", says Allen Bond, portfolio manager of the Jensen Quality Growth Fund. He insisted that Trump's trade policy would be good for economic growth and that he was not concerned about daily declines in stocks.

"As no one came out to pull this back, there was a gradual realization that this was something that might be a little more serious", said Brad McMillan, chief investment officer for Commonwealth Financial Network.

U.S. stocks closed sharply lower on Friday, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-U.S. trade fight. It fell 0.7 percent for the week. Still, Pride said all of the proposed tariffs add up to a pretty small fraction of trade between the US and China, and overall, they wouldn't affect the nation's economy that much if they do go into effect.