Stock markets have sold off very heavily indeed today on the back of US President Trump escalation the trade war with China.
Trump has said he will massively raise tariffs at the end of the week:
- Pres. Trump: China tariffs will go up to 25% on $200B of goods on Friday :
- ICYMI - US President Trump threatens higher tariffs on Chinese goods
(more below)
We haven't seen much officially as a response from China, but this the chatter:
- China is now considering cancelling this week's trade talks with the US
- China press report China Vice premier Liu He very unlikely to got to US for trade talks this week
(again, more below)
Regional stocks (Japan is closed)
- Shanghai Composite is down 5.2%
- CSI300 in China down >5% also
- HK Hang Seng down -3.6%
- Australia ASX down 1%
Currencies - yen crosses sharply lower for the session here to open the week.
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More ICYMI:
- Trump was told by aides that significant hurdles remain to reaching trade deal with China
- Monday morning early spit ball - how will China react to Trump's tariff hike tweets?
- Trump to announce new Iran sanctions this week (report via Axios)
- US equity futures open lower in Sunday trade - here's why ICYMI
And
- Rumour now is China has cancelled the trade talks (no longer just considering cancelling)
- Goldman Sachs says it sees a 40% chance of US raising China tariffs on Friday (but ... )
This from wechat ….
Caption basically says 'Watch me send out a tweet and make your stockmarket collapse'