Markets fall as US tariffs reignite trade war fears

Markets mostly fell on Thursday.

The S&P 500 fell 0.7 percent and the STOXX Europe 600 fell 0.6 percent. Earlier in the day, though, the Nikkei 225 rose 0.8 percent.

US and European stocks fell after the US decided to impose tariffs on steel and aluminum imports from the European Union, Canada and Mexico, reigniting fears of a global trade war.

Art Hogan, chief market strategist at B Riley FBR, suggested that investors had initially thought the tariff threats by the US and threats of retaliation by trade partners earlier this year would likely be followed by negotiated agreements.

But “now it feels like we’re moving backwards not forwards,” Hogan said.