Home Business NewsBusiness China tariff: Trade war fears push global stocks in the red

China tariff: Trade war fears push global stocks in the red

by LLB Reporter
23rd Mar 18 9:30 am

FTSE 100 opens down 0.6 per cent

Just hours after US President Donald Trump announced plans to hit China with tariffs on up to $60bn over intellectual property violations, global stocks have been edgy amid renewed fears of global trade war.

Following the announcement last evening, US stock futures traded lower. The Dow Jones industrial average lost 724 points on Thursday while the S&P 500 and Nasdaq composite dropped 2.5 per cent and 2.4 per cent, respectively.

Earlier today, FTSE 100 opens down 0.6 per cent while Japan’s Nikkei share index plunged 4.5 per cent. Asian stock markets have also slumped.

Meanwhile, China urged the US to “pull back from the brink”.

The Chinese commerce ministry said in a statement: “China doesn’t hope to be in a trade war, but is not afraid of engaging in one. China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a dangerous place.”

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