Stocks tumbled on Monday morning, extending last week’s sell-off. Photo: Reuters
US$1 trillion wiped out of global markets led by tech carnage after China vows tariffs on 5,000 US products in trade war escalation
- US tech bellwethers were among the hardest-hit stocks, with Apple and Tesla both dropping more than 5 per cent
- Market sell-off resumed after China said it would impose 25 per cent duties on a portion of US$60 billion worth of US goods starting on June 1
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US-China trade war
Stocks tumbled on Monday morning, extending last week’s sell-off. Photo: Reuters
Chinese Vice-Premier Liu He (centre) in Washington last week for trade talks. Photo: EPA-EFE
China vows to fight ‘to the end’ as it raises tariffs on US$60 billion of US goods in trade war escalation
- Ministry of Finance says the move, with duties to rise to ‘25, 20 and 10 per cent’, is a response to ‘unilateralism and trade protectionism’
- Announcement follows US President Donald Trump’s warning that Beijing should not retaliate for US tariff increases
Topic |
US-China trade war
Chinese Vice-Premier Liu He (centre) in Washington last week for trade talks. Photo: EPA-EFE