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Dow plunges 600 points after Trump threatens new tariffs on China

May 1, 2020 / Sergei Klebnikov, Forbes Staff

TOPLINE

The stock market finished lower on Friday after President Trump threatened new tariffs on China over the coronavirus outbreak—claiming that it was created in a Wuhan lab.

KEY FACTS

  • The Dow Jones Industrial Average was down 2.5%, over 600 points, on Friday, while the S&P 500 fell 2.8% and the Nasdaq Composite lost 3.2%.
  • Stock futures fell after President Trump late on Monday claimed to have evidence that the coronavirus was man-made in a Wuhan lab, despite findings from his top intelligence officials saying otherwise. 
  • The president threatened to implement new tariffs on China, with his administration reportedly in the early stages of crafting retaliatory measures over the outbreak, according to Reuters.
  • Later on Friday, White House economic advisor Larry Kudlow escalated tensions and said that the Chinese will be held accountable for the coronavirus.

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Chris J. Stewart

Chris currently serves as Chief Executive Officer of Surgio Health as well as COO at Ortho Spine Partners. Chris has close to 20 years of healthcare management experience with an infinity to improve healthcare delivery through the development and implementation of innovative solutions that solve real problems that result in improved efficiencies, reduction of unnecessary financial & clinical variation, and help drive better patient outcomes. Previously, Chris was assistant vice president and business unit leader for HPG/HCA. He has presented at numerous healthcare forums on topics that include disruptive innovation, physician engagement, shifting reimbursement models, cost per clinical episode and the future of supply chain delivery.

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