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July 20

US stocks dropped on Thursday after earnings disappointed and trade jitters escalated over worries that the European Union could slap retaliatory tariffs on goods imported from the United States.

Officials from the EU Trade Commission, due in Washington next week for trade talks, are said to be preparing a list of tit-for-tat actions in response to proposed US tariffs on EU cars.

Automakers said tariffs on US cars and car parts could increase vehicle prices by $83 billion annually. Ford Motor Co and General Motors Co were down 0.5 per cent and 1.4 per cent, respectively.

On Wednesday, the Federal Reserve's Beige Book report showed manufacturers in all 12 districts of the US central bank are worried about the impact of the trade dispute.
“If this ends up being a protracted war, it's going to be bad news,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. “Unless this thing starts to show significant progress prior to the midterms, it's going to be a black mark, because the economy will start to slow down,” he said, referring to congressional elections on Nov. 6.

https://www.thehindubusinessline.co...sour-earnings-trade-fears/article24469199.ece