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BUSINESS Tuesday 7 May 2019
A25

Surprise threat from Trump to raise tariffs sinks stocks

NEW YORK (AP) — U.S. cau, gets about 75% of its
stocks fell in morning trad- revenue from China, ac-
ing Monday, following a cording Its stock tumbled
sell-off in Europe and Asia, 4.8%.
after President Donald Investors fled to safer hold-
Trump threatened to esca- ings. Bond prices rose sharp-
late a trade war between ly, sending yields lower, and
the world's two largest safe-play stocks like utilities,
economies. real estate companies and
Investors have been ex- makers of consumer prod-
pecting the U.S. and China ucts held up much better
to resolve their damaging than the rest of the market.
trade dispute, with the two Chinese indexes plunged.
sides set to meet this week The Shanghai Composite
in Washington. Hopes for index closed 5.6% lower
an accord have contrib- and Hong Kong's Hang
uted to the big run-up in Seng index sank 2.9%. Euro-
stock prices in the U.S. and pean indexes fell broadly.
China so far this year. Oil prices, which have
The latest threat shifted been steadily rising all year,
stocks into reverse Monday fell slightly. Benchmark U.S.
after the S&P 500 and Nas- crude lost 0.2% per barrel.
daq indexes set records last In this May 1, 2019, file photo, trader Robert Charmak, left, works on the floor of the New York Stock Shares of Chinese compa-
week. Exchange. nies that trade in the U.S.
The Dow Jones Industrial Associated Press also fell. J.D.com slid 5.7%
Average fell 195 points, or while internet search com-
0.7%, as of 11:22 a.m. It was threatened to impose tar- are getting hit the hard- FactSet, and its stock fell pany Baidu dropped 2.1%.
down as much as 471 in the iffs on another $325 billion in est, particularly technology 2.2%. Broadcom fell 2% and Investors have been digest-
first few minutes of trading. imports from China, cover- and industrial companies. Apple fell 2.1%. ing mixed reports about
The S&P 500 index dropped ing everything the country Banks also fell sharply. Micron Technology Inc., the negotiations for months
0.8% and the Nasdaq slid ships annually to the United Every sector, from industrial Advance Micro Devices and have largely discount-
0.9%. States. companies to retailers, was Inc. and Applied Materials ed concerns about a fail-
Trump on Sunday threat- Tariffs currently in place under pressure. Chipmak- Inc. all fell more than 3%. ure in negotiations. The
ened to raise tariffs on im- have already raised costs ers and technology com- Industrial behemoth Cater- broader market has been
ports from China to 25% on goods for companies panies suffered the most. pillar fell 2.4%, while Deere posting gains all year on
from 10% after complain- and consumers. Qualcom gets 64.7% of its & Co. fell 3.9%. encouraging economic
ing that trade talks were U.S. companies with heavy revenue from China, ac- Wynn Resorts, with a host of growth and solid corporate
moving too slowly. He also business interests in China cording to data provider casinos and hotels in Ma- earnings results.q

Financial planning when a family member has special needs

By SARAH SKIDMORE SELL a child or family member If you leave too much, they
Associated Press with special needs. If you could lose access to criti-
Financial planning is daunt- don't leave any money or cal government services or
ing enough, but it be- support in place, their fate be forced to pay back the
comes more complicated may be left up to the court state for some of their care.
and critical when you have and wellbeing could suffer. GET STARTED
It's never too early to get
started, and it's also never
too late, said John Nad-
worny, Cynthia Haddad
and Alexandria Nadworny,
the special needs financial
planning team at Shep-
herd Financial Partners.
The worst mistake you can In this Nov. 30, 2018, file photo people are silhouetted against
make is having no plan. holiday lights reflecting off a pond in a park in Lenexa, Kan.
This sometimes happens Associated Press
because it's so overwhelm-
ing it prevents a family means either, it's critical and their estate. It commu-
from planning at all. But it to put basic safeguards in nicates your vision for the
doesn't have to be a mas- place if someone relies on child or family member's
sive undertaking in every you for care. life, who will be involved
case, said Nadworny: a "If there's no plan, it's cha- and how. It can also in-
young family may just need os," said Haddad. clude critical information
life insurance and an es- START SMALL about medical, financial or
tate plan. What you need If you do only one thing, other essentials, such as the
can evolve over time. write a letter of intent. individual's daily routine,
Don't overlook estate plan- The letter outlines a fam- likes and dislikes. Update it
ning if you have limited ily's hope for an individual annually.q