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Global markets sink as trade tensions simmer before talks

Global markets sink as trade tensions simmer before talks

LONDON: World stock markets sank again Thursday on heightened China-US tensions before make-or-break trade talks in Washington, dealers said. The Dollar and oil prices steadied.

The two-day gathering has taken on huge significance after US President Donald Trump threatened to more than double punitive tariffs on $200 billion of imports Friday, arguing that Beijing “broke” their previously agreed commitments on trade.

Chinese trade envoy Liu He returns to the bargaining table in the US capital later Thursday under a tense atmosphere with far-ranging ramifications for the world’s two biggest economies.

Beijing has rejected US accusations of backtracking and warned it would not “capitulate to any pressure” as the pair enter into eagerly-awaited negotiations.