Tokyo — The rumblings of a global trade war shook stock and currency markets on Friday after US President Donald Trump announced long-promised tariffs on Chinese goods and China retaliated with a pledge to fight to the end any such war. Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60bn of imports from China, although the measures have a 30-day consultation period. Investors fear that the US measures could escalate into a trade war, with potentially dire consequences for the global economy. Beijing urged the US on Friday to "pull back from the brink". "China doesn’t hope to be in a trade war, but is not afraid of engaging in one," the Chinese commerce ministry said in a statement. China unveiled its own plans on Friday to impose tariffs on up to $3bn of US imports in retaliation against US tariffs on Chinese steel and aluminium products. MSCI broadest index of Asia-Pacific shares outside Japan fell 2.2% as stocks across the region dropped. Sh...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.