After a day of elation, markets slide as U.S.-China trade war escalates [Globe and Mail, The (Toronto, Canada)]
Royal Bank Of Canada (RY)
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Source: Globe and Mail, The
U.S. President Donald Trump speaks during a cabinet meeting at the White House in Washington, on April 10. Nathan Howard/Reuters Log in or create a free account to listen to this article. Euphoria over U.S. President Donald Trump’s global tariff reprieve faded on Thursday as the reality of his escalating trade war with China once again rattled financial markets and stoked fears of a broad economic downturn. Mr. Trump’s decision to pause steep tariffs on dozens of countries had sparked a historic stock market rally on Wednesday. This went into reverse on Thursday after the White House confirmed that its latest tariff increase on most Chinese goods would bring the total tariff rate to 145 per cent, higher than the 125 per cent widely reported the day before. The S&P 500 fell 3.5 per cent on Thursday, while the Nasdaq Composite gave up 4.3 per cent. Bond markets sold off, pushing the U.S. 10-year treasury yield back up to 4.4 per cent. The churn in financial markets reflects broade
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