HONG KONG: President Donald Trump sent Asian and European markets plunging on Monday after threatening to hike tariffs on US$200 billion of Chinese goods at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers.
"Trump has taken the proverbial sledgehammer to the walnut this morning and the only two words likely to be on the minds of traders and investors this week are 'trade talks'," said OANDA senior market analyst Jeffrey Halley. Trump's threat now"raises the spectre of a significant hit to growth should these tariffs escalate and should the uncertainty associated with that weigh on investment going forward."
The flight to safety saw the dollar surge against higher-yielding, higher-risk units, with South Africa's rand off 0.8 per cent, the Mexican peso 0.9 per cent lower and the Australian dollar 0.4 per cent off.
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