Global stocks sank Wednesday after US President Donald Trump said he was not satisfied with talks that are aimed at averting a trade war with China. Equities were also dented by poor eurozone economic data, and as Trump cast doubt on a planned summit with North Korean leader Kim Jong Un. “Trump (is) continuing to drive uncertainty over global trade,” said analyst Joshua Mahony at trading firm IG. “European markets are following their Asian counterparts lower, as a pessimistic tone from Trump is compounded by downbeat economic data,” he added. Markets had surged Monday after US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He said they had agreed to pull back from imposing threatened tariffs on billions of dollars of goods, and continue talks on a variety of trade issues. However, Trump has declared that he was “not satisfied” with the status of the talks, fuelling worries that the world’s top two economies could still slug out an economically pain
The US and China’s top economic officials agreed by phone Saturday to “continue to communicate” on trade issues, Chinese state media said, as President Donald Trump pledged his escalating trade showdown would get results despite pushback from Europe and Beijing. In his latest jolt to the prevailing global order, Trump on Thursday authorised tariffs on as much as $60 billion of Chinese imports, targeting sectors in which Washington says China has stolen American technology. Liu He, the Chinese vice premier in charge of the economy, told US Treasury Secretary Steven Mnuchin Saturday that Beijing was “ready to defend its national interests” but hoped that “both sides will remain rational and work together,” according to China’s official Xinhua news agency. He also accused a US probe into Chinese intellectual property practices of violating international trade rules. China had warned the United States on Friday that it was “not afraid of a trade war” as it threatened tar