Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries’ increasingly belligerent trade war, sending investors fleeing equities for less risky assets.
Global stocks rose to their highest in five months and the dollar dipped on Monday as traders began to price in an accommodative stance from the U.S. Federal Reserve at its policy meeting this week.
Apple Inc on Wednesday took the rare step of cutting its quarterly sales forecast, with Chief Executive Tim Cook blaming slowing iPhone sales in China, whose economy has been dragged down by uncertainty around U.S.-China trade relations.
The United States Federal Reserve (Fed) raised the federal funds rate target on Wednesday to a range of 2.25 to 2.5 percent, the fourth time the rate has been raised this year.
The U.S. Federal Reserve is expected to raise interest rates on Wednesday, but may cut the number of hikes it anticipates next year and signal an earlier end to its monetary tightening in the face of financial market volatility and rising recession fears.
U.S. President Donald Trump’s top diplomat promised on Tuesday a new democratic world order in which Washington will strengthen or jettison international agreements as it sees fit to stop “bad actors” such as Russia, China and Iran from gaining.
The United States expects China to take immediate action to cut tariffs on U.S. car imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, a White House official said on Monday.