Trade war fears; Stocks drop; DC avoids shutdown

1. Trade war fears: Investors are running scared after the United States and China fired the opening...

Posted: Mar 23, 2018 1:30 PM
Updated: Mar 23, 2018 1:30 PM

1. Trade war fears: Investors are running scared after the United States and China fired the opening salvos of what could become a trade war.

President Donald Trump has directed the US trade representative to level tariffs on $50 billion worth of Chinese imports following an investigation into intellectual property theft.

The United States also plans to impose new investment restrictions and take action against China at the World Trade Organization.

China quickly responded with tariffs of its own that will hit US imports worth $3 billion. Beijing said the proposed trade sanctions would target US-made products ranging from pork to steel pipes.

The response from China was measured, but more retaliatory actions could be in the works.

US stock futures were in negative territory.

European stocks were down over 1% in early trade. Japan's Nikkei shed 4.5%, while the Shanghai Composite dropped 3.4% and Hong Kong's Hang Seng declined 2.5%.

Gold and the Swiss franc, seen as safe havens by investors, both strengthened. The CNNMoney Fear & Greed Index shows that "extreme fear" is driving the markets.

2. Metal tariffs: The United States has granted temporary exemptions on steel and aluminum tariffs to the European Union, Argentina, Brazil, South Korea and Australia.

Exemptions for Canada and Mexico were previously announced.

The tariffs take effect Friday, but the exemptions mean they won't apply to many of the world's top steel producers. Lobbying efforts are now underway to make the exemptions permanent.

"I'm pleased that they've announced a temporary exemption for the EU," British Prime Minister Theresa May said in Brussels. "What I'll be working with my fellow EU leaders today on is to see how we can secure a permanent exemption for the EU."

May has a full agenda on Friday: European leaders are expected to formally adopt the agree the terms of the Brexit transition period and future trade deal negotiations between the United Kingdom and the European Union.

3. Thursday market recap: The Dow Jones industrial average dropped 2.9% after the Trump announcement on China. The S&P 500 declined 2.5% and the Nasdaq shed 2.4%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

4. Earnings and economics: The US Senate passed a $1.3 trillion spending bill early on Friday, averting a potential government shutdown.

The massive spending package marks the end of a months-long funding stalemate in which lawmakers were forced to pass one short-term spending bill after another to stave off a shutdown.

The US Census Bureau is set to release its new home sales report for February at 10 a.m. ET.

Russia's central bank will announce a rate decision.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

5. Coming this week:
Friday -
New Home Sales

West Lafayette
Clear
65° wxIcon
Hi: 63° Lo: 45°
Feels Like: 65°
Kokomo
Clear
59° wxIcon
Hi: 59° Lo: 45°
Feels Like: 59°
Rensselaer
Clear
55° wxIcon
Hi: 59° Lo: 41°
Feels Like: 55°
Fowler
Clear
65° wxIcon
Hi: 62° Lo: 43°
Feels Like: 65°
Williamsport
Partly Cloudy
63° wxIcon
Hi: 63° Lo: 45°
Feels Like: 63°
Crawfordsville
Clear
59° wxIcon
Hi: 61° Lo: 44°
Feels Like: 59°
Frankfort
Clear
59° wxIcon
Hi: 59° Lo: 44°
Feels Like: 59°
Delphi
Clear
58° wxIcon
Hi: 61° Lo: 44°
Feels Like: 58°
Monticello
Clear
58° wxIcon
Hi: 62° Lo: 45°
Feels Like: 58°
Logansport
Clear
57° wxIcon
Hi: 59° Lo: 43°
Feels Like: 57°
Clear and Chilly Wednesday, Rain Thursday
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 724214

Reported Deaths: 13363
CountyCasesDeaths
Marion989071736
Lake53172962
Allen40223675
Hamilton35354408
St. Joseph35270550
Elkhart28228437
Tippecanoe22297217
Vanderburgh22231396
Porter18560304
Johnson17832376
Hendricks17098313
Clark12897191
Madison12519339
Vigo12379244
Monroe11811168
LaPorte11691210
Delaware10571185
Howard9823215
Kosciusko9347117
Hancock8204139
Bartholomew8036155
Warrick7754155
Floyd7630176
Wayne7002198
Grant6986174
Boone6652101
Morgan6529139
Dubois6139117
Marshall5954111
Dearborn577177
Cass5769105
Henry5671102
Noble555783
Jackson499672
Shelby488196
Lawrence4470120
Gibson433791
Harrison432972
Clinton426353
DeKalb423284
Montgomery423088
Whitley392739
Huntington386380
Steuben381057
Miami379165
Knox370990
Jasper361347
Putnam357760
Wabash352478
Adams340354
Ripley338370
Jefferson328481
White312254
Daviess294399
Wells290281
Decatur282992
Fayette278362
Greene276085
Posey270733
Scott264453
LaGrange263870
Clay258945
Randolph239581
Washington239131
Spencer230431
Jennings228848
Starke213252
Fountain211846
Sullivan210442
Owen195856
Fulton194240
Jay190429
Carroll187820
Perry182537
Orange181854
Rush172625
Vermillion167643
Franklin167235
Tipton161945
Parke145416
Blackford134332
Pike132634
Pulaski115945
Newton106734
Brown101441
Crawford99014
Benton98114
Martin87415
Warren80515
Switzerland7808
Union70610
Ohio56211
Unassigned0413

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events