Stocks Opened Lower after Trump Announced New China Tariffs

U.S. stocks opened lower on Friday after President Donald Trump announced tariffs on $50 billion worth of Chinese goods. The Dow Jones Industrial Average lately declined 141.11 points, or 0.56%, to 25,034.20. The S&P 500 was down 10.56 points, or 0.38%, to 2,771.93. The Nasdaq Composite declined 40.22 points, or 0.52%, to 7,720.82.

Oil futures were under pressure Friday on expectations the Organization of the Petroleum Exporting Countries and its allies, including Russia, will agree next week to boost output. August futures on Brent crude fell 43 cents, or 0.6%, to $75.51 a barrel. West Texas Intermediate crude for July delivery shed 8 cents, or 0.1%, to $66.81 a barrel.

President Donald Trump moved the U.S. to the brink of a trade war with China, announcing tariffs on $50 billion in Chinese imports that America’s biggest trading partner vowed to retaliate against. Beijing vowed it would strike back quickly if its interests were hurt.