The U.S.-driven trade war has become the biggest “confidence killer” for the global economy, China’s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be “wilful”.
Stocks and commodity markets regained some poise on Thursday, having suffered wild tailspins in the previous session as the United States ratcheted up trade war threats on China.
The euro fell on Thursday after Washington threatened 10 percent tariffs on $200 billion worth of Chinese imports in an escalating trade conflict that has heightened worries that the euro zone economy could be hurt.
The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each others’ goods and giving no sign of willingness to start talks aimed at a reaching a truce.
Oil prices rose ahead of an OPEC meeting this week that is widely expected to increase global crude supply and as investors assessed the impact of a trade dispute between the United States and China.
China today imposed additional duties on USD 50 billion worth of American products, a day after US President Donald Trump slapped a stiff 25 per cent tariff on Chinese goods worth similar amount.
Donald Trump will meet with his top trade advisers on Thursday to decide whether to activate threatened tariffs on Chinese goods, a senior Trump administration official said.
Oil prices fell after China said it would impose tariffs on a number of US goods, raising the prospect of a growing trade war that could impact global growth.