Global markets plunge as China reacts to Trump’s steel tariffs
by Nick Fletcher, Martin Farrer and Benjamin Haas from Economics | The Guardian on (#3JX4E)
Fears of all-out trade war as Beijing says policy undermines global trading system
Global markets have dropped sharply after China retaliated against Donald Trump's decision to impose tariffs on steel and aluminium, fuelling fears of an all-out trade war between the world's two largest economies.
Hours after the US president announced moves to tackle what he believes are unfair trade practices, China signalled it would hit US goods such as pork, apples and steel pipe with higher duties.
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