Stock Markets Take Cover As Trump Trade Fears Linger
Fahad Shabbir (@FahadShabbir) Published May 07, 2019 | 08:38 PM
Equity investors ran for cover again Tuesday as it dawned on markets that US President Donald Trump's trade war threat against China could be deadly serious
Indices had slumped on Monday, with Shanghai suffering its heaviest loss in three years, after Trump threatened to hike tariffs on $200 billion of Chinese goods this week amid apparent setbacks in trade talks between the economic superpowers.
Some quickly dismissed the move as Trump-style brinkmanship, but many market players have decided they would rather not take any chances.
"Smoke continues to linger across market sentiment following the smoke grenade President Trump launched over the weekend with the threat of adding further tariffs on Chinese imports at the end of the week," said Lukman Otunuga, a research analyst at FXTM.
Trump's remarks completely wrongfooted markets, coming just days after officials on both sides had sounded positive on the talks.
"Say what you want about the US president... but predictability and subtlety were never part of his election pledges," OANDA senior market analyst Jeffrey Halley said.
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