The yuan slumped more than 1 percent against the dollar, and Chinese shares tumbled more than 3.5 percent when the market opened after a holiday. Futures on the S&P 500 Index sank more than 2 percent after Trump tweeted a plan to hike tariffs on Friday and China was reported to consider delaying the upcoming talks. The Australian dollar also fell, while the yen climbed. West Texas Intermediate crude declined almost 3 percent. U.S.
“It’s making the outcomes more binary, with everybody focused on the Friday deadline. There doesn’t seem to be much leeway now to much go past that,” Joyce Chang, chair of global research at JPMorgan Chase & Co., said on Bloomberg Television. “It’s going to mean that investors will be very focused on the trade issues even beyond China,” with a review of U.S. auto-import tariffs still pending, she said.
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