AM Report 19 June 18: Global tariff concerns hit stocks while gold and oil lifted

The US is preparing to apply tariffs on US$50 billion of Chinese imports. China said it would respond with tariffs "of the same scale and strength". Reuters quoted the official Xinhua news agency as saying that China would impose 25% tariffs on 659 US products, ranging from soybeans and autos to seafood. 

US sharemarkets ended mixed on Monday. Fears of an escalating trade dispute between the US and China dominated attention. Shares in Boeing and Caterpillar both fell by 0.9%. But energy stocks rose in line with higher oil prices with Chevron up 1.6%. After being down by 264 points, the Dow Jones ended lower by 103 points. 

 

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