(Reuters) – U.S. stocks slid on Thursday, but were off session lows, after President Donald Trump said he planned to impose tariffs on up to $60 billion of Chinese imports, but his action was far removed from threats that could have ignited a global trade war.
Trump, according to a presidential memorandum he signed, will target the imports only after a consultation period. China will also have space to respond, reducing the risk of immediate retaliation from Beijing, and Trump struck an emollient tone while speaking, saying “I view them as a friend.”
The three major indexes were down roughly 1 percent after Trump spoke, easing from a slide that saw them drop nearly 2 percent earlier as investors fretted over the scale of U.S tariffs and the possible repercussions on global trade.
“Nothing actually gets put into place today. It looks like there is going to be at least a 30-day window between now and when it actually gets implemented,” said Randy Frederick, vice…