US companies are the biggest losers in Donald Trump’s trade war with China, S&P Global has warned, with the likes of Tesla,Texas Instruments and Peabody Energy facing greater credit risks than Chinese peers after the exchange of fire between the world’s two largest economies.
The US president threatened to impose tariffs on almost $150bn of Chinese imports, a move many fear might lead to a tit-for-tat trade battle.
While the US tariffs threatened everything from vinyl records to aircraft parts, China has answered with higher taxes on US exports including cranber ries, durum wheat and yellow soyabeans.
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