US stocks plunged on Monday as investors worry that US President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects. Photo: Xinhua
US stocks plunged on Monday as investors worry that US President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects. Photo: Xinhua

Global financial crisis, recession risks raised as US-China trade war tensions escalate over currency row

  • Former US Treasury Secretary Lawrence Summers says world at the ‘most dangerous financial moment’ since the 2009 global economy meltdown
  • Washington labelled China a ‘currency manipulator’ after the yuan exchange rate dropped to its lowest rate for 11 years on Monday

US stocks plunged on Monday as investors worry that US President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects. Photo: Xinhua
US stocks plunged on Monday as investors worry that US President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects. Photo: Xinhua
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