A week of turmoil unleashed by U.S. President Donald Trump’s tariffs showed little sign of easing on Friday, with markets again tumbling and foreign leaders trying to work out how to respond to a dismantling of the world trade order.
Battered financial markets were given a brief reprieve Wednesday when Trump decided to pause duties on dozens of countries for 90 days. However, his escalating trade war with the world’s No.2 economy, China, has fuelled fears of recession and further retaliation.
U.S. Treasury Secretary Scott Bessent tried to assuage skeptics by telling a cabinet meeting on Thursday that more than 75 countries wanted to start trade negotiations, and Trump himself expressed hope of a deal with China.
But the uncertainty in the meantime extended some of the most volatile trading since the early days of the COVID-19 pandemic.
-Reuters
