Asian shares sank on Monday as the latest salvo in the Sino-U.S. trade war shook...
SYDNEY - Asian shares sank on Monday as the latest salvo in the Sino-U.S. trade war shook confidence in the world economy and sent investors steaming to the safe harbors of sovereign bonds and gold, while slugging emerging market currencies.
Wall Street nose-dived on Friday when President Donald Trump announced a 5% additional duty on $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. products. “There is an uneasy feeling that the very fragile negotiations are spiraling out of control,” wrote analysts at ANZ in a note.
“Trump shows no signs of moderating his destructive trade policies,” said JPMorgan analyst Adam Crisafulli.
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