Shares Fluctuate Sharply Following Obama’s China Tyre Tariffs
The Obama administration’s announcement that it is to impose tariffs of up to 35 per cent on Chinese-manufactured imports had a large impact on daily trading in the USA and Seoul, as Goodyear and Cooper shares bumped, and Hankook stock floundered.
Hankook fell 8.8 per cent following Obama’s announcement, while heavy trading in Cooper led to a rise of 10 per cent in New York. Goodyear had a similarly good morning in the markets, as it rose 5.4 per cent. While it was speculated that the US companies’ rises were directly related to the Chinese tariffs, the wider picture promises greater complexity, promises commentary on TheStreet.com, given that both companies have significant production capital in China.