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Performance of U.S. stock market and major markets in countries running big trade surpluses with the United States, June 14*-July 12, 2018:

U.S. Wilshire 5000: +0.5 percent

China Shanghai Composite: -6.8 percent

South Korea KOSPI: -5.7 percent

Germany DAX: -4.7 percent

Japan Nikkei: -2.4 percent

*Date when Trump administration announced initial “hit list” of tariffs on $50 billion worth of Chinese goods

(Source: “Stock Markets See the US Winning the Trade War, Defying Corporate Lobby & Media Propaganda,” by Wolf Richter, Wolf Street, July 12, 2018, https://wolfstreet.com/2018/07/12/stock-markets-see-the-us-winning-the-trade-war-defying-corporate-lobby-media-propaganda/.  HT to John Laich.)