A full-blown trade war between Washington and Beijing could lead to falls of up to 50 per cent in equities, instability in the US Treasury market and damage to China’s banking system.
That warning from BNP Paribas Asset Management coincided with an escalation in tensions after President Donald Trump said on Thursday that the US would consider imposing an additional $100bn in tariffs on imports from China, ramping up the dispute that has unsettled financial markets worldwide.
Mr Trump’s move followed a threat from Beijing to impose tariffs on $50bn of US imports shortly after Washington revealed plans for a 25 per cent tariff on imports of 1,333 Chinese products.
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