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Global stock markets crash as US trade war with China escalates Global stock markets crash as US trade war with China escalates
(32 minutes later)
Escalation of US-China trade tensions spooked investors as Wall Street opened deep in the red on Monday. The Dow Jones Industrial Average fell more than 580 points, or around 2 percent, after the opening bell.Escalation of US-China trade tensions spooked investors as Wall Street opened deep in the red on Monday. The Dow Jones Industrial Average fell more than 580 points, or around 2 percent, after the opening bell.
The S&P 500 and the Nasdaq Composite were down 2 percent and 1.3 percent respectively.The S&P 500 and the Nasdaq Composite were down 2 percent and 1.3 percent respectively.
US stocks followed the downturn on the Asian markets. Japan’s Nikkei declined 1.74 percent on trade tensions concerns, while Hong Kong's Hang Seng fell 2.85 percent and China’s Shanghai Composite closed 1.62 percent down.US stocks followed the downturn on the Asian markets. Japan’s Nikkei declined 1.74 percent on trade tensions concerns, while Hong Kong's Hang Seng fell 2.85 percent and China’s Shanghai Composite closed 1.62 percent down.
European stocks also tumbled on Monday with the FTSE 100, representing the leading companies listed on the London Stock Exchange, were down 2.78 percent. France's CAC 40 dropped by 2.26 percent and Germany's DAX was down by more than 5 percent in late afternoon trading. European stocks also tumbled on Monday with the FTSE 100, representing the leading companies listed on the London Stock Exchange, down 2.78 percent. France's CAC 40 dropped by 2.26 percent and Germany's DAX was trading more than 5 percent lower in late afternoon trading.
US President Donald Trump took to Twitter Monday to call Washington’s trade war rival China a currency manipulator after the renminbi dropped below seven per dollar for the first time in over a decade.US President Donald Trump took to Twitter Monday to call Washington’s trade war rival China a currency manipulator after the renminbi dropped below seven per dollar for the first time in over a decade.
China’s national currency sank on Monday following Trump’s earlier threats to hit China with new tariffs in less than a month amid the escalating trade standoff between the two world’s largest economies. The president was quick to say that the move will eventually backfire on China. China’s national currency sank following Trump’s earlier threats to hit Beijing with new tariffs in less than a month amid the escalating trade standoff between the two world’s largest economies. The president was quick to say that the move will eventually backfire on China.
“It’s called ‘currency manipulation,’” he tweeted. “This is a major violation which will greatly weaken China over time!”“It’s called ‘currency manipulation,’” he tweeted. “This is a major violation which will greatly weaken China over time!”
It’s not the first time Trump slams China for its currency management, but the US Department of Treasury refrained from officially labelling it a currency manipulator, placing it on the monitoring list instead. Apart from China, the list now includes Japan, Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam. It’s not the first time Trump has slammed China for this, but the US Department of Treasury refrained from officially labeling Beijing a currency manipulator, placing it on the monitoring list instead. Apart from China, the list now includes Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam.
In its turn, the People's Bank of China (PBOC), which is in charge of yuan’s exchange rate, blamed the weakling of the local currency on US’ own actions such as unilateral and protectionist measures, as well as the expectation of additional tariffs on Chinese goods, according to Xinhua. The central bank also stressed that the yuan has strengthened 20 percent against the dollar over the past two decades. The People’s Bank of China (PBOC), which is in charge of the yuan’s exchange rate, blamed the weakening of the currency on the US’ own actions, such as unilateral, protectionist measures, as well as the expectation of additional tariffs on Chinese goods, according to Xinhua. The central bank also said the yuan has strengthened 20 percent against the dollar over the past two decades.
For more stories on economy & finance visit RT's business sectionFor more stories on economy & finance visit RT's business section