Stock selloff linked to Trump tariffs: Consumer Technology Association
The Dow Jones Industrial Average tumbled in Tuesday’s trading as the uncertainty connected to steel tariffs weighed heavily on industrials and technology stocks, according to Consumer Technology Association CEO Gary Shapiro.
“This is a tax tariff issue,” Shapiro told FOX Business’ Liz Claman. “It’s causing uncertainty. The markets realizing that no serious negotiating is going on and … I am hearing more and more from CEOs that this is the issue that’s facing them more than any other.”
Shapiro said a key factor is the rise in U.S. steel prices driven by President Donald Trump’s 25% tariff announced in early March.
“That affects everything from industrial manufacturing to automobile making, which has a lot to do with tech,” he said.
The Trump administration’s threat to impose tariffs on $150 billion worth of Chinese goods is hurting automotive, industrial and retail industries and drawing the attention of Wall Street, according to Shapiro.
“When Walmart and Target and BestBuy are trying to get their plans together for the holiday season, they are in a very difficult position as the suppliers,” he said.
Trump welcomed French President Emmanuel Macron to the White House on Tuesday to discuss Iran nuclear deal, Paris climate agreement, Syria, and tariffs. Macron will address Congress on Wednesday on the impact of U.S. tariffs on the European Union.
Shapiro called Macron a “real world leader” and expressed hope that the French president can persuade Trump to embrace free trade.
“Hopefully, he will be able to influence President Trump in a way that extolls the benefits of free trade,” Shapiro said.