Wall Street ends lower as US and China reach new trade deal
Nasdaq falls 0.50%, S&P 500 off 0.27%, while Dow mostly unchanged
ISTANBUL
US stocks closed midweek with losses following President Donald Trump's announcement of a new trade deal with China after negotiations between the top two economies in London.
The S&P 500 fell 0.27% or 16.57 points, to close at 6,022.24. The Nasdaq Composite fell 0.50%, or 99.11 points, to finish at 19,615.88.
The Dow Jones Industrial Average was mostly unchanged, slightly falling 1.10 points to close at 42,865.77.
Trade negotiations between the US and China concluded in London on Wednesday, with Trump saying a trade deal "is done," subject to final approval from the presidents of the two countries.
In a post on his Truth Social platform, he said the US “is getting a total of 55% tariffs, China is getting 10%.”
"Full magnets, and any necessary rare earths, will be supplied, up front, by China," he said, adding: "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)."
"Relationship is excellent!" he added.
Later, Trump said he and Chinese President Xi Jinping "are going to work closely together to open up China to American Trade.”
“This would be a great WIN for both countries!!!" he added.
US and Chinese officials met in London this week to discuss the tariff issue.
Previously, in April, the US began to implement huge tariffs on China, but in May, the US and China agreed to a broad rollback of punitive tariffs for the initial 90 days.
On the macroeconomic data side, consumer inflation in the US came in lower-than-expected in May, with rates of 2.8% annually and 0.1% monthly.
The US federal budget deficit fell 9% year-on-year to $316 billion in May, with revenues from customs duties soaring 340% to $22 billion.
