Matthew Mpoke Bigg, Eshe Nelson, Yan Zhuang and Joe Rennison
Wall Street ended another turbulent day of trading with a small decline on Monday, as false reports about a potential tariff reprieve sent stocks gyrating before President Trump’s threat of additional tariffs on China restored the potential for a severe economic downturn.
Mr. Trump on Monday issued a new ultimatum to China to rescind its retaliatory tariffs on the United States, or face additional tariffs of 50 percent beginning Wednesday. The threat came as governments around the world raced to schedule phone calls, send delegations to Washington and submit proposals to lower their import taxes to escape the tariffs. Mr. Trump and his advisers have offered conflicting signals on whether the United States is willing to negotiate.
Mr. Trump’s trade war made investors increasingly pessimistic about the economy but he defended his global tariffs, saying those in place had already brought the United States billions of dollars in revenue.
The S&P 500, the benchmark U.S. index, swung between steep losses — as much as 4.7 percent — and gains, before ending the day down 0.2 percent.
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