New York: US stocks closed the week mostly lower after US President Donald Trump accused China of violating a preliminary trade deal announced earlier this month, plunging global trade back into a state of uncertainty after a sigh of relief from a deal in Geneva. The S and P 500 dropped 0.01%, or 0.48 points, to close at 5,911.69. The Nasdaq composite fell 0.32% to finish at 19,113.77. The Dow, on the other hand, was up 0.13% to close at 42,270.07 points. According to Anadolu Agency, the mixed course followed Trump's shift in rhetoric concerning a trade deal with China. The president said that due to his tariffs, China was in "grave economic danger," with factories closed and "civil unrest." He mentioned that a quick trade deal was made to "save" China, leading to a normalization of the Chinese economy. However, Trump expressed discontent, claiming China has "totally violated" the agreement. China responded to the accusation by noting US chip restrictions, urging Washington to "correct" its "erroneous" ac tions. Liu Pengyu, a spokesperson from China's Washington Embassy, emphasized concerns about US export control measures in the semiconductor sector, urging the US to cease discriminatory restrictions and uphold the consensus from the Geneva talks. Trump indicated plans to discuss the issue with Chinese President Xi Jinping, expressing hope for resolution. In economic data, the University of Michigan's consumer sentiment index remained unchanged in May at 52.2 points, with a revised preliminary estimate. Short-term inflation expectations rose slightly to 6.6% in May, while long-term expectations fell to 4.2%, marking the first decline since December.
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