Stocks Plunge Amid Trade War on CBS This Morning
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 9 August 2019
⏱️ 3 minutes
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Summary
The trade battle between the U.S. and China rocked stock markets around the world earlier in the week. Major indexes lost nearly 3% or more and the Treasury Department is now labeling China as a currency manipulator. I joined CBS This Morning with more on what that means for your money.
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Bonus Podcast. Happy Friday everyone. Thinking about |
| 0:08.6 | this escalating trade war and how it impacts you. Check out this segment from CBS this morning. |
| 0:14.4 | The escalating trade battle between the US and China is rocking investors around the world. |
| 0:20.6 | Market futures predict a rebound on Wall Street today after the worst day of |
| 0:25.3 | the year for stocks. Major indices lost around 3% or more yesterday. The |
| 0:30.6 | Treasury Department is now labeling China a currency manipulator. |
| 0:35.0 | This means the U.S. is officially accusing Beijing of devaluing its money to gain an unfair competitive advantage in international trade. |
| 0:43.5 | CBS News business analyst |
| 0:45.1 | Joe Schlesinger shows what this worsening dispute means for your money. |
| 0:49.2 | Good morning, Jill. |
| 0:50.0 | Good morning. |
| 0:50.6 | So what is the fallout of this escalating trade war for the economy? |
| 0:54.1 | Well, forgetting about the markets for a second. |
| 0:56.2 | We know that the overall U.S. economy was already slowing down. |
| 0:59.6 | Manufacturing activity at a three-year low. |
| 1:02.3 | Just yesterday we got some information out of the service sector. |
| 1:05.0 | It's starting to feel the pinch as well. |
| 1:07.0 | You add this on top of it, and now we have to say, |
| 1:10.0 | what are the Trump tariffs targeting? They are targeting consumer goods |
| 1:16.2 | that we use every day. |
| 1:18.0 | We're looking at an alarming drop in exports right there. |
| 1:21.0 | Eighty percent. |
... |
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