The trade war between the US and China looks set to escalate.
On Monday, the US government announced that it will impose 10 percent tariffs on US$200 billion worth of Chinese imports, and those duties will rise to 25 percent at the end of the year.
On Tuesday, the Chinese government announced that it has no choice but to retaliate against the latest round of US tariffs.
"An intensification of the U.S.-China trade spat is a near-term negative for risky assets, raising the specter of an economically damaging trade war in which high tariffs are imposed on most or all U.S.-China trade," wrote Mark Haefele, global chief investment officer at UBS Wealth Management, in a note on Tuesday.
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