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Wall Street drops on weak factory activity, tariffs on metal imports

December 02, 2019 / Arjun Panchadar

U.S. stocks fell on Monday after President Donald Trump decided to restore tariffs on metal imports from Brazil and Argentina, and weak factory activity fanned worries of a slowing domestic economy due to a long-drawn trade war with China. The U.S. manufacturing sector contracted for a fourth straight month in November and construction spending unexpectedly fell in October. The reports follow last week's data that showed a slight pickup in third-quarter economic growth and a steady rise in consumer spending in October. Earlier in the day, markets gained on an unexpected rebound in Chinese manufacturing activity in November. But the upbeat sentiment was dampened by Trump's tweet about restoring tariffs on steel and aluminum imports, which surprised officials in Brazil and Argentina who sought explanations.