CNN’s Kosik: The U.S.-China Trade War Is ‘Going To Raise Costs for Americans’
KOSIK: "Wall Street is actually looking to recover after the biggest one-day drop we've seen since January. We've taken a look around the world first. Asian markets still feeling the pain after China strikes back against the U.S., announcing higher tariffs on roughly $60 billion worth of U.S. goods on June 1st, including cotton, grains, wine, and aircraft parts. European markets, they’ve opened slightly higher, as trading begins there. On Wall Street, we are seeing green arrows. Futures are pointing slightly positive after Monday’s sharp decline. U.S. stocks ended Monday deep in the red. The Dow closed down 617 points. The S&P 500 fell a little over 2 percent. The NASDAQ dropping over 3 percent. So this was, once again, the worst day for the Dow and S&P since January, and the biggest one-day drop for the NASDAQ since December 4th of 2018. Now, the U.S./China trade war, it’s going to raise costs for Americans, but President Trump is defending his tariffs, even though he admits farmers could get hit by retaliatory measures. Monday, Trump said he would use some of the tariff revenue, which is paid by U.S. importers, to help keep farmers afloat."