Global stocks battered by deadlock in China-US trade talks

London — Global equities fell on Monday after their worst week of 2019, as hopes of an imminent US-China trade deal were crushed and neither side showed a willingness to budge, raising fears of a fresh round of tit-for-tat tariffs.

The impasse left investors bracing for threatened retaliation by China for Washington’s tariff increase on Friday on $200bn worth of Chinese goods. The move followed accusations by US President Donald Trump that Beijing had reneged on earlier commitments.Chinese shares tumbled, with the benchmark Shanghai Composite and the blue-chip CSI 300 shedding 1.2% and 1.8%, respectively, while Hong Kong’s financial markets were closed for a holiday.

White House economic adviser Larry Kudlow told the “Fox News Sunday” programme that China needed to agree to “very strong” enforcement provisions to secure a deal. He said the sticking point was Beijing’s reluctance to put into law changes that had been agreed. Washington said it was preparing to raise tariffs on all remaining imports from China, worth about $300bn.

Viewed as a classic warning signal of a looming US recession, the curve inverted last Thursday for the first time since March.

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