Due to a trade war between the United States and China, Wall Street posted its worst one-day losses of 2019.
In a Twitter outburst earlier in the day, Trump had angrily accused Beijing of weakening the yuan “to steal our businesses and factories.” But it could gain teeth if the commerce department begins imposing tariffs on countries found to be undervaluing their currencies, as that department said earlier this year it plans to do.The volley lobbed across the Pacific on Monday was sure to shake the global economy even further, with markets doubtful that either side is willing or able to prevent hostilities from spinning out of control.
The battle has sapped business confidence and undermined both countries’ manufacturing sectors just as the world economy’s slowdown worsens.
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