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Oil and the dollar slid on fears of a global slowdown while gold hit a new record above US$3,200, as investors spooked by Trump's erratic policies dumped normally rock-solid US Treasuries.
"The sugar high from Trump's tariff pause is fading fast," said Stephen Innes at SPI Asset Management.
"Bottom line: the world's two largest economies are in a full-blown trade war - and there are no winners."
Howard Lutnick, his commerce secretary, posted on social media on Thursday that "the Golden Age is coming. We are committed to protecting our interests, engaging in global negotiations and exploding our economy."
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As China battles to find allies against Trump's trade war, Xi will travel next week to Vietnam, Malaysia and Cambodia, where the tariff drama is expected to feature high on the agenda.
As China battles to find allies against Trump's trade war, Xi will travel next week to Vietnam, Malaysia and Cambodia, where the tariff drama is expected to feature high on the agenda.
