Washington — The world’s major stock markets fell on Thursday as sentiment was rocked by new trade war fears as US President Donald Trump unveiled tariffs on Chinese imports of at least $50bn. Saying it would be the “first of many” trade actions, Trump signed the order that will also look at restrictions on Chinese investment in the US. “We have a tremendous intellectual property theft situation going on,” Trump said. He said that loss of American jobs from unfair trade was one of the main reasons he had been elected in 2016. The US runs a $375bn goods trade deficit with China. New York’s blue-chip Dow was down 1.4% in midday trading before Trump made the formal announcement. Europe’s main indices closed the day with similar losses. “Dealers are worried this could be the first shot fired in a trade war between the two largest economies in the world,” said market analyst David Madden at CMC Markets UK. The move is likely to add to tension with Beijing after the White House unveiled c...
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