Global Trade War: Live News Updates and Market Fallout
The global trade war shows no signs of abating, with China and the US engaging in a tit-for-tat tariff dispute that is affecting markets and businesses around the world. The EU is seeking to intervene and sign deals with the US, while Iran is preparing for high-level talks with the US over its nuclear program.
President Donald Trump's 90-day pause on "reciprocal" tariffs has failed to calm the markets, as China has raised its retaliatory tariffs on US imports to 125%, further escalating the trade war. The move has sent the US dollar to its weakest level against the euro in three years, and the Stoxx 600 index has opened lower.
The trade war between the US and China continues to intensify, with the Trump administration warning China against retaliatory tariffs, but to no avail. The EU's trade commissioner is set to travel to the US on Sunday to try and sign deals, but the outlook remains uncertain. JPMorgan CEO Jamie Dimon has warned that the global economy is facing "considerable turbulence" due to the trade war, and the bond market has been affected by the unpredictable nature of Trump's trade policy.
Meanwhile, Iran has set "red lines" ahead of crucial talks with the US over its nuclear program, including "threatening language" and "excessive demands." However, Iran has also said it will give diplomacy with the US a "genuine chance" ahead of high-level talks in Oman on Saturday. The US has confirmed a new chairman of the Joint Chiefs of Staff, Lt. Gen. Dan Caine, who was nominated by Trump.
The trade war is also having an impact on individual companies, with Tesla stopping online orders in China for two US-made electric vehicles. The US Treasury yield has climbed to 4.4% early Friday morning, reflecting the market's uncertainty and concern about the trade war's impact on the global economy.
As the trade war continues to escalate, investors and businesses are bracing for further volatility and uncertainty. The outcome of the talks between the US and China, as well as the US and Iran, will be closely watched in the coming days and weeks, and will likely have a significant impact on the global economy and markets.