Stock markets sink and oil prices tumble after US president’s remarks
A member of the US trade delegation to China, carries a folder as he leaves a hotel in Beijing, China, in this January 7 2019 file photo. Picture: REUTERS/THOMAS PETER
“We are also in the process of understanding the relevant situation. What I can tell you is that China’s team is preparing to go to the US for the discussions,” Chinese foreign ministry spokesperson Geng Shuang told a news briefing. Trump appeared to defend his decision in a tweet early on Monday, slamming the US-China trade deficit and vowing not to lose out to Beijing.
The president also said he would target a further $325bn of Chinese goods with 25% tariffs “shortly”, essentially covering all products imported to the US from China. Global financial markets, which had been expecting news of a trade deal soon, went into a tailspin. US equity futures fell more than 2% and stocks across trade-reliant Asia tumbled. China’s main indexes slid 5%.
“Raising tariffs means raising taxes on millions of American families and inviting further retaliation on American farmers,” said Christin Fernandez, a spokesperson for the Retail Industry Leaders Association.
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