All the day’s economic and financial news, as US president says Europe is “possibly as bad as China”, and EU threatens tariffs on more American goods
Asian stock markets are a sea of red today, as traders fret about the prospect of a global trade war.
Every major share index is in the red, and many emerging market currencies are sliding against the US dollar again.
Bad, bad day across Asia. Horrible start to the second half. pic.twitter.com/8Qw3yTlue0
A ramping up of trade war headlines over the weekend, such as a strong warning of retaliation from the EU and a potential currency war with China (US), will ensure that the fear of an all out global trade war is central in trader’s mind, as the session begins on Monday.
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“Look what they do to our farmers, they don’t want our farm products. In all fairness they have their farmers so they want to protect their farmers.
“But we don’t protect ours and they protect theirs.”
Brussels said that an American investigation into whether foreign cars and parts posed a national security risk could plunge the global economy into a full-on trade war, harming employment in the US’s auto sector, which accounts for more than 4m jobs.
In a sign of the EU’s exasperation at Mr Trump’s confrontational trade policy, which has already stoked tensions over steel and aluminium, the document said the move “could result in yet another disregard of international law” by the US. It said imposing the car tariffs would not be accepted by the international community and would “damage further the reputation” of the US.
Monday’s FT: Trump car tariffs threaten to spark full-scale trade war, warns Brussels #tomorrowspaperstoday pic.twitter.com/g8igoU29jc
#FTSE100 called to open -50pts at 7585 pic.twitter.com/frN3hoeXuQ
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