Good morning!Trade tensions continue to weigh on markets today, sending gold to a 10-week high. Wall Street futures are in the red after Beijing sent another shot across Washington’s bow over the weekend.
China said it’s willing to work with the U.S. to end the trade war, but blames Washington for the collapse in talks. In a white paper released Sunday, Beijing argues that the dispute has caused serious harm to the U.S. economy by hiking prices and damaging growth. In short the trade war hasn’t “made America great again.”
There is also growing concern on Wall Street about the escalating trade war. Morgan Stanley predicts a global recession in nine months if President Donald Trump imposes 25 per cent tariffs on an additional US$300 billion of Chinese exports and Beijing retaliates. “Recent conversations with investors have reinforced the sense that markets are underestimating the impact of trade tensions,” Chetan Ahya, chief economist at Morgan Stanley, wrote in a report.Please send your thoughts, tips and news to Pam Heaven at pheaven@postmedia.com — @pamheaven
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