US stocks plummet 550 pts amidst fear of trade war; White House says no going back on China
This, despite the fact that the Dow plummeted 550 points yesterday amidst reports of a growing tension between the two largest economies of the world. US President Donald Trump yesterday ramped up his trade war rhetoric with China, seeking USD 100 billion in additional tariffs on Chinese products. This is in addition to the proposed 25 per cent import tariffs worth USD 50 billion on some 1,300 Chinese products being imported into the US
Top Republican Senator John McCain said it was easy to punish China, but a lot harder to hold it truly accountable and change its behaviour. Image source: Reuters