Global stocks tumble on escalating US-China trade war

Later, Chinese state media reported that Chinese firms have stopped buying US farm produce. China's purchase decision means more pain for the US agricultural sector, which could hit the farm states that helped elect Trump in 2016.Chris Krueger, a Washington strategist at Cowen, an investment bank, said of China's rebuttal,"on a scale of 1-10, it's an 11," compared with other possible measures.

But other analysts noted has sometimes not gone ahead with such measures, alluding to reports that the latest tariff announcement was opposed by some key White House aides. While the dollar rose against the yuan, it retreated against the euro and yen as investors bet the Federal Reserve was now more likely to cut interest rates. The Fed last week cut interest rates for the first time in more than a decade, citing worries about slowing global growth in part due to the US-China trade war.

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Fresh US-China trade turmoil wipes US$26b off Australian stocks[BENGALURU] Mining stocks led Australian shares to their worst session in over seven months on Monday, with investors slashing riskier positions as the growing trade war between the United States and China revived worries about weaker global growth. Read more at The Business Times.
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