Equities slumped globally on Monday and Treasuries rallied after President Donald Trump’s threat to increase tariffs on Chinese imports called into question the chances of a resolution to the trade war.
Futures on the S&P 500 index tumbled, signaling a punishing start to the week on Wall Street after Trump tweeted a plan to hike tariffs on Friday. From JD.com and Skyworks to Apple and Caterpillar, tech companies with China exposure and machinery companies -- which are seen as proxies for the trade war -- were among the biggest decliners in early trading. The VIX gauge of stock volatility headed for its biggest increase this year.Commodities were roiled.
Seeking to ramp up pressure on China for more concessions, Trump threatened in two tweets to more than double tariffs on $200 billion of Chinese goods and impose a fresh round of duties on top of that. Talks to resolve the year-long trade standoff appeared to be on life-support Monday, with Beijing struggling to fully respond. China’s foreign ministry said that officials were still planning to travel to the U.S.
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