Donald Trump offers no new details on US-China trade pact and snipes at EU trade policies
London — European shares fell on Wednesday from four-year highs after US President Donald Trump threatened to “substantially” increase tariffs if China fails to agree a trade deal, and also took a swipe at EU trade policies.
“The market was anticipating something more positive from Trump, but he didn’t deliver,” said Justin Onuekwusi, a portfolio manager at Legal & General Investment Management. “In recent weeks, we saw the balance of probabilities shift to the positive side, risks being taken off the table, but people have realised that risk is still there.” He’s been reducing his equity allocations, he said.
“I’m absolutely concerned. The clock is ticking,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “Markets are now expecting substantial progress in the next week or so, and if not, then confidence could crumble.” However, a more prolonged stand-off will revive fears for the world economy. Oxford Economics estimates the trade war has trimmed 0.8 of a percentage point off US growth. Having started 2019 with 3.1% growth, the economy eased to 1.9% in the third quarter, they noted
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