Financial markets around the world buckled Friday, and the S&P 500 was on track to close out its worst week of the year following President Donald Trump’s latest escalation in his trade war with China.
China struck back and said Friday it will take “necessary countermeasures” if Trump follows through on tweets he sent Thursday that shocked markets and promised 10% tariffs on all the Chinese imports that haven’t already been hit with tariffs of 25%.
The re-escalation in tensions between the world’s largest economies is raising worries about a global recession.
