Dollar Jumps, Stocks Dump As Ross Ruins Trump Bump

The Dollar is rallying as stocks give up their overnight gains following remarks from Commerce Secretary Wilbur Ross that seemed to pour cold water on Trump's overnight tweet on ZTE and hopes that a trade war with China was easing...

U.S. Commerce Secretary Wilbur Ross speaking Monday at National Press Club in Washington (via Bloomberg)

Ross says China has not beenplaying fair on trade and the U.S. will impose EU steel tariffs if deal not reached by June 1.

Ross says that the dollar does factor into trade balances, the gap remains wide between China and U.S. on trade, and he hopes relationship between President Trump and President Xi can facilitate an agreement.

Then Ross commented directly on ZTE...

Ross says steps taken against Chinese telecoms equipment maker ZTE Corp. were an enforcement action, to be viewed separately to negotiations over trade.

Says ZTE violated sanctions against North Korea and Iran.

The Dollar started to rise...

And stocks dumped into the red...

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Comments

GotGalt Bitchface-KILLAH Mon, 05/14/2018 - 17:36 Permalink

well, I sleep decently well at night knowing I am diversified by the following

 

25% stawks (70/30 split between domestic & international)

25% fixed income (various bonds & REITs & preferred shares + utilities)

25% PMs & crypto (mostly PMs if I'm to be honest, roughly 85/15 split)

25% cash

Not including real estate equity of the house I live in.

Depending on what happens, I will be using remaining $US clown bux to snap up whatever screaming bargains present themselves when SHTF.  Good luck to us all.

In reply to by Bitchface-KILLAH

WolfgangCire Mon, 05/14/2018 - 14:33 Permalink

trump always shifting the blame onto others. he wanted to ease the trade war. he really really did. but the gosh darn it. the deep state he has hired to surround him, only makes him do bad things. 

swmnguy Jeffrozz1234 Mon, 05/14/2018 - 15:50 Permalink

If you've lost your log-on credentials or let your Shepwave subscription lapse, why would anyone on ZH tell you what Shepwave has to say?  In the same way that if you want to know about Amway, go talk to the Amway people.  Or if you want to know where to send your credit card information to that Nigerian Prince, you should check your spam filter.

In reply to by Jeffrozz1234

Thautikus Mon, 05/14/2018 - 15:36 Permalink

Typical Zero Hedge click bait.

 

As of 3:30 PM EST DOW, S&P, Nasdaq are in the green, up from Friday's close.

 

The Russell is down .32%

 

Oh yeah, stocks are really getting hammered.