US stocks suffered their biggest one-day drop since April after Donald Trump threatened to impose “massive” tariffs on China, reigniting fears of a full-blown trade war between the world’s two largest economies.
In a post on Truth Social, the president accused Beijing of becoming “very hostile”, citing its recent decision to impose export controls on critical minerals.
The blue-chip S&P 500 lost 2.7 per cent on Friday, its worst decline since falling 3.5 per cent on April 10, when markets were reeling from Trump’s initial ‘liberation day’ tariff announcements.
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