China retaliated against US tariffs by imposing a 34% duty on all imports, escalating tensions and causing global stock markets to plummet. Despite the backlash, President Trump vowed to maintain his tough stance on trade, with average US tariffs on Chinese goods reaching 76%. The trade war is expected to hit US agricultural exports hard, while Beijing’s actions indicate a desire to negotiate with Washington amidst market turmoil.
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Why Wolfspeed Stock Plummeted 25.8% Today
Shares of Wolfspeed (NYSE: WOLF) experienced a significant drop, plummeting 25.8% by 3:32 p.m. ET, with an earlier decline of 29.3%, despite the S&P 500 and Nasdaq Composite remaining stable. The chipmaker's third-quarter results were slightly positive, reporting $185.4 million in revenue, though it missed the $185.9 million estimate; it did beat earnings expectations with a net loss of $0.72 per share against a forecasted loss of $0.82. The sharp decline was triggered by a...
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