U.S. stock futures climbed Monday after President Donald Trump stated China could come again to the negotiating table following a call Sunday and the two countries will begin talking very seriously.
Dow Jones Industrial Average futures traded 174 factors higher, indicating an increase of 222.10 factors on Monday’s open, as of 6:49 a.m. ET. S&P 500 and Nasdaq 100 futures also aimed at open gains for each index.
Chatting with reporters on the Group of Seven (G-7) assembly in Biarritz in France Monday, Trump said the two countries would start speaking very seriously.
Futures had indicated declines after the weekend saw an escalation of the trade war. Trump tweeted Friday after the market shut that the U.S. will increase tariffs on $250 billion worth of Chinese goods to 30% from 25%. Tariffs on one other $300 billion in Chinese products will even go as much as 15% from 10%, he stated. The duties on the $250 billion worth of goods are scheduled to kick on Oct. 1, while the tariffs on the $300 billion are set to enter impact in two phases on Sept. 1 and Dec. 15.
Trump later said on the G-7 summit; he regrets not raising tariffs on China, even more, noting he has “second ideas about everything.” The president added he could declare the trade war a national emergency.
Trump’s comments and tweets got here after China unveiled new tariffs Friday on $75 billion worth of U.S. products, including autos. Trump had additionally ordered on Friday that U.S. firms transfer their Chinese operations elsewhere, sending U.S. stocks tumbling.
The key indexes all fell greater than 2% on Friday, with the Dow Jones Industrial Average losing 623.34 factors. These declines wiped out the weekly gains the averages had built through Thursday’s close.