Markets fall over US tariffs

WALL Street was set for a fall this week after US President Donald Trump said trade talks were going ‘too slowly’ and threatened to more than double tariffs.
 Markets fall over US tariffs  Markets fall over US tariffs  Markets fall over US tariffs  Markets fall over US tariffs  Markets fall over US tariffs

Geng Shuang

Staff Reporter

The Guardian newspaper reported that global financial markets were sent into a tailspin after Trump risked jeopardising delicate trade talks with China by unexpectedly saying he would raise tariffs further on Chinese goods this week.
Stocks in China closed down 5.5% on Monday as investors in Asia-Pacific were caught off guard by the US president's tweets and reports indicating the government in Beijing might pull out of this week's scheduled talks.
China's Foreign Affairs Ministry said on Monday that Beijing was still preparing to send a delegation to Washington but did not say whether the country's chief negotiator, Liu He, would be attending the meetings in Washington.
"As a matter of urgency, we still hope that the US and China will work together to move toward each other… to reach a mutually beneficial and win-win agreement," spokesman Geng Shuang said at a media briefing.
Trump's threats on tariffs made investors shy away from the ASX 200, with the resources sector in Australia generally no exception and metals and mining falling around 0.7%.
The main outlier was the gold sector which was up about 0.5% as investors bought on better sentiment for bullion given risky economic times.
Sentiment for base metals also improved with futures in Asian trade on the gain after the selling late last week.