Wall Street investors found out Thursday that the trade war with China is worse than they had feared, while members of the Massachusetts Congressional Delegation are now calling for an independent tariffs investigation.
The White House clarified that the tax on Chinese goods will actually be a total of 145% rather than the 125% he announced on Wednesday.
On Thursday, President Donald Trump defended his tariffs, but admitted there will be tough times ahead for Americans.
"There will be a transition cost and transition problems," Trump said. "But in the end it's going to be a beautiful thing."
Several members of Congress, including some from Massachusetts, called for an investigation. They said Trump's tariff flip-flop may have been an attempt to manipulate markets.
"Is that just outright market manipulation occurring right in front of us?" Sen. Elizabeth Warren said. "How many side deals, backroom deals, deals back in the shadows are all going on at the same time? It should not be an investigation by Democrats or Republicans, it should be an independent investigation."
Rep. Katherine Clark echoed Warren. She was asked by WBUR whether Trump had manipulated the markets, to which she said "I sure think that is a real possibility."
Thursday's swings also hit the bond market despite a better-than-expected report on inflation.
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Original story HERE.