The unexpected turn of events had investors scrambling, sending stock prices around the world broadly lower.
SINGAPORE (May 20): The tide appears to have shifted once again for global stock markets. After fanning hopes of an imminent breakthrough on a trade deal for months, US President Donald Trump escalated tensions with a trademark tweet a couple of weekends ago.
The US followed through by raising tariffs from 10% to 25% on some US$200 billion ($273.7 billion) worth of Chinese imports, which were postponed from March 1. It is also said to be preparing to levy taxes on the remaining US$300 billion-plus of goods that are currently exempted. China, in response, raised tariffs on US$60 billion worth of US imports.
