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Wall Street stocks sank again Tuesday while US oil prices hit a multi-year low as worries about President Donald Trump’s escalating trade wars erased rebound hopes following gains in Europe and Asia.After trillions of dollars were wiped from the combined value of global equity markets since last week, share prices across the globe clawed back some ground as investors assessed the possibility of Washington tempering some of the levies.Following winning sessions in Europe and Asia, US indices opened buoyantly as traders embraced talk of White House negotiations with Japan and South Korea in hopes that Trump’s trade onslaught might be short-lived.But investors grew edgy as the day progressed with no concrete progress and the White House confirmed plans for massive tariffs on China to go into effect overnight.”Obviously investors are clamoring for clarity and there still isn’t any,” said Jack Ablin of Cresset Capital, who estimated that the market now sees a greater than 50 percent chance of a US recession.The S&P 500 tumbled into the red in the early afternoon, with losses accelerating in the final 90 minutes of trading. The broad-based index finished down 1.6 percent at 4,982.77, its first close below 5,000 points in nearly a year.Oil prices also tumbled on the weakening economic outlook. West Texas Intermediate, the US benchmark futures contract, finished under $60 a barrel for the first time since April 2021.Stocks have been in free fall since Trump’s “Liberation Day” event announcing tariffs on major US trading partners last Wednesday.White House officials have signaled openness to dealmaking while blasting China for enacting sharp retaliatory tariffs in response to the new US levies.Trump plans to impose another 50 percent duty on Chinese goods at midnight, bringing the additional rate on Chinese products to 104 percent.European officials, meanwhile, plan tariffs of up to 25 percent on US goods in retaliation for levies on metals, but will spare bourbon to shield European wine and spirits from reprisals, according to a document seen by AFP.The list proposes levies on goods including soybeans, poultry, rice, sweetcorn, fruit and nuts, wood, motorcycles, plastics, textiles, paintings, electrical equipment, make-up and other beauty products.An EU spokesman said on Tuesday that the European Commission could present its planned countermeasures to the new levies “as early as next week”.- Rebound in Asia -Earlier Tokyo’s stock market closed up more than six percent — recovering much of Monday’s drop — after Japanese Prime Minister Shigeru Ishiba held talks with Trump.Hong Kong’s stock market closed up by more than one percent, having plunged more than 13 percent on Monday, its biggest one-day retreat since 1997.”After multiple punishing sessions, stock markets appear to have started their road to recovery,” noted Russ Mould, investment director at the AJ Bell trading group.He warned, however, that “it’s dangerous to think a massive rally will definitely happen, given how Trump is unpredictable”.- Key figures around 2130 GMT -New York – Dow: DOWN 0.8 percent at 37,645.59 (close)New York – S&P 500: DOWN 1.6 percent at 4,982.77 (close)New York – Nasdaq Composite: DOWN 2.2 percent at 15,267.91 (close)London – FTSE 100: UP 2.7 percent at 7,910.53 (close)  Paris – CAC 40: UP 2.5 percent at 7,100.42 (close)Frankfurt – DAX: UP 2.5 percent at 20,280.26 (close)Tokyo – Nikkei 225: UP 6.0 percent at 33,012.58 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 20,127.68 (close)Shanghai – Composite: UP 1.6 percent at 3,145.55 (close)Euro/dollar: UP at $1.0959 from $1.0912 on MondayPound/dollar: DOWN at $1.2766 from $1.2887Dollar/yen: DOWN at 146.23 yen from 146.84 yen Euro/pound: UP at 85.78 pence from 85.70 penceWest Texas Intermediate: DOWN 1.9 percent at $59.58 per barrelBrent North Sea Crude: DOWN 2.2 percent at $62.82 per barrelburs-jmb/dw

The United States and China hurtled towards an all-out trade war Tuesday, locked in a high stakes game of brinkmanship as President Donald Trump prepared to unleash a new wave of tariffs against dozens of partners.The global economy has been rocked since sweeping 10 percent US tariffs took effect over the weekend, triggering a dramatic market sell-off worldwide and sparking recession fears.Rates on imports to the United States from dozens of economies are set to rise further at 12.01 am (0401 GMT) Wednesday, and this will see tariffs imposed on Chinese products since Trump returned to the White House reach a staggering 104 percent.The new tariffs come after Beijing’s pushback against Trump, who remained defiant despite major US indexes tumbling again Tuesday.The US president believes his policy will revive America’s lost manufacturing base by forcing companies to relocate to the United States.But many business experts and economists question how quickly — if ever — this can take place, warning of higher inflation as the tariffs raise prices.Trump said Tuesday the United States was “taking in almost $2 billion a day” from tariffs.He originally unveiled a 34 percent additional tariff on Chinese goods. But after China unveiled its own 34 percent counter tariff on American products, he vowed to pile on another 50 percent duty.Counting existing levies imposed in February and March, that would take the cumulative tariff increase for Chinese goods during Trump’s second presidency to 104 percent.Beijing blasted what it called US blackmail and vowed to “fight it to the end.”Trump insisted the ball was in China’s court because Beijing “wants to make a deal, badly, but they don’t know how to get it started.”Separately, Canada said that its tariffs on certain US auto imports will come into force Wednesday.- China ‘confident’ -In the war of words between the world’s two biggest economies, China also condemned remarks by US Vice President JD Vance in which he said the United States had for too long borrowed money from “Chinese peasants.”The European Union sought to cool tensions, with the bloc’s chief Ursula von der Leyen warning against worsening the trade conflict in a call with Chinese Premier Li Qiang.She stressed stability for the world’s economy, alongside “the need to avoid further escalation,” said an EU readout.The Chinese premier told von der Leyen that his country could weather the storm, saying it “is fully confident of maintaining sustained and healthy economic development.”China’s offshore yuan fell to an all-time low against the US dollar Tuesday, while oil prices slumped with the West Texas Intermediate closing below $60 for the first time since April 2021.The EU — which Trump has criticized bitterly over its tariff regime — may unveil its response next week to new 20 percent levies it faces.French President Emmanuel Macron called on Trump to reconsider, adding if the EU was forced to respond “so be it.”In retaliation against US steel and aluminum levies that took effect last month, the EU plans tariffs of up to 25 percent on American goods ranging from soybeans to motorcycles, according to a document seen by AFP.- ‘Tailored deals’ -Trump said Tuesday his government was working on “tailored deals” with trading partners, with the White House saying it would prioritize allies like Japan and South Korea.His top trade official Jamieson Greer told the Senate that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.Wall Street’s major indices closed lower Tuesday, with the broad-based S&P 500 falling 1.6 percent.Europe’s main indices finished with gains however, and Asia’s leading indices rose after heavy falls Monday.In one public sign of friction over tariffs, key Trump ally Elon Musk described senior White House trade advisor Peter Navarro as “dumber than a sack of bricks.”Musk, who has signaled his opposition to Trump’s trade policy, hit out after Navarro described his Tesla company as “a car assembler” that wants cheap foreign parts.Trump has ruled out any pause in his aggressive stance, despite China’s retaliation and growing domestic criticism.burs-bys/bgs

Stock markets regained some ground Tuesday, even as trade tensions between the United States and China were strained by turmoil over President Donald Trump’s tariffs offensive.Trump rocked the world economy last week when he held up a chart in the White House garden showing the tariffs being levied on each country.The move triggered a dramatic global market sell-off and fears of a widespread recession as he repeatedly doubled down on his aggressive trade policy.Steep tariffs come into effect against goods from a raft of nations on Wednesday, with Chinese products facing a stunning 104 percent levy after Beijing announced retaliatory measures, provoking a furious US reaction.China blasted what it called US blackmail and vowed to “fight it to the end,” a commerce ministry spokesperson said.The US president insisted that the ball was in China’s court because Beijing “wants to make a deal, badly, but they don’t know how to get it started.””We are waiting for their call. It will happen!” he wrote on social media Tuesday.- China ‘confident’ -In the war of words, China also condemned remarks by Vice President JD Vance in which he said the United States had for too long borrowed money from “Chinese peasants.”The European Union sought to cool tensions, with the bloc’s chief Ursula von der Leyen warning against worsening the trade conflict in a call with Chinese Premier Li Qiang.She stressed stability for the world’s economy as well as “the need to avoid further escalation,” according to a readout from EU officials.The Chinese premier told von der Leyen that the world’s number two economy could weather the economic storm.”China can fully hedge against adverse external effects, and is fully confident of maintaining sustained and healthy economic development,” he said.The EU — which Trump has criticized bitterly over its tariff regime — may unveil its response next week to the 20 percent levies it is facing under Trump.French President Emmanuel Macron called on the defiant US president to reconsider, adding if the EU was forced to respond “so be it.””France and Europe never wanted chaos,” he said.In retaliation for levies introduced in mid-March on steel and aluminum, the EU plans tariffs of up to 25 percent on US goods ranging from soybeans to motorcycles and make-up, according to a document seen by AFP.- Deals to be cut -Underlining Trump’s willingness to negotiate, White House advisor Kevin Hassett told Fox News that the administration would prioritize allies like Japan and Korea among the dozens of nations wanting to cut deals.Wall Street stocks rose Tuesday, as Trump reported a “great call” with South Korea’s leader.Europe’s main indices finished with gains of more than two percent, while Asia’s leading indices also rose after suffering heavy falls Monday.”Investors took advantage of lower valuations and grew more optimistic about US tariff negotiations,” said IG analyst Axel Rudolph.Trump believes the tariffs will revive America’s lost manufacturing base by forcing foreign companies to relocate to the United States, rather than making goods abroad.But many business experts and economists question that, and say his tariffs are arbitrary.In a sign of friction, key Trump ally Elon Musk described senior White House trade advisor Peter Navarro as “dumber than a sack of bricks.”Musk has signaled his opposition to the tariffs, and he hit out after Navarro described his Tesla company as “a car assembler” that wants cheap foreign parts.The US president has ruled out any pause in his aggressive stance, despite retaliatory action from China and signs of criticism from within his Republican Party.”Nearly 50 countries have approached me personally to discuss the president’s new policy and explore how to achieve reciprocity,” Trump’s top trade official told the Senate. Several countries — including Argentina, Vietnam and Israel — had offered to reduce their tariffs, Jamieson Greer said.burs-bgs/des

The top US trade official on Tuesday defended President Donald Trump’s sweeping tariffs on nearly every other nation, telling US senators that with dozens of countries seeking a deal the strategy was “already bearing fruit.”Jamieson Greer’s appearance in Congress came with Republicans ringing alarm bells over Trump’s escalating trade war and Wall Street clamoring for clarity on the president’s plans after a historic market sell-off.”Nearly 50 countries have approached me personally to discuss the president’s new policy and explore how to achieve reciprocity,” he told the Senate Finance Committee, a figure that other administration officials have also cited. Several countries — including Argentina, Vietnam and Israel — had offered to reduce their tariffs, Greer said, while auto manufacturers were canceling layoffs and companies had announced $4 trillion in new investment in the United States.The annual hearings on the president’s trade policies are often staid affairs.But they have generated more interest this year after Trump last week announced a baseline tariff of 10 percent and extra levies of up to 50 percent on countries selling more to Americans than they buy in return.Greer said the country had shed five million manufacturing jobs and 90,000 factories in the last 30 years, since a trilateral free trade agreement with Mexico and Canada was enacted.”We must move away from an economy based solely on the financial sector and government spending, and we must become an economy based on producing real goods and services,” he added.Senior Republican lawmakers have pledged to allow Trump time to see how his tariff gambit plays out, but are desperate to see progress on trade negotiations they believe will calm markets. Wall Street stocks surged higher early Tuesday after a three-day rout as global markets rallied in hopes of trade agreements.- ‘No clear message’ -But rank-and-file lawmakers remain jittery about the effect of the tariffs and have been demanding briefings on the strategy, with some even seeking to remove Trump’s authority to raise import levies.Republican Senator Chuck Grassley is leading a bipartisan effort to require congressional approval of tariffs within 60 days, although it is not expected to get a floor vote.Four Republican senators voted with Democrats last week to pass a symbolic resolution to undo Trump’s tariff on Canada that does not have the force of law.Trump himself ruled out any pause in his aggressive new global trade policy on Monday, and threatened to slap an additional 50 percent tariff on China over its retaliation.He also dismissed the possibility of a trade deal with the European Union and called his critics on trade “weak and stupid” while pledging to veto Grassley’s bill.The top Democrat on the finance committee, Ron Wyden, assailed the White House for having “no clear message” about how Trump determined his tariffs and how long he plans to keep them up. He suggested Trump was deliberately tanking the economy to bring down interest rates, making borrowing cheaper for the rich.Greer never had much hope of persuading Democrats over Trump’s trade policies, but his overtures did not appear to reassure skeptics on the Republican side either.”Whose throat do I get to choke if this proves to be wrong?” asked North Carolina free trade advocate Thom Tillis.Greer’s appearance was the first of two annual hearings on the president’s trade policies. He will be grilled by the House Ways and Means Committee on Wednesday. 

Stock markets bounced higher on Tuesday following a huge sell-off, but analysts warned of more turmoil as US President Donald Trump charges ahead in his escalating trade war.After trillions of dollars were wiped from the combined value of global equity markets since last week, share prices across the globe clawed back some ground as investors assessed the possibility of Washington tempering some of the levies.”Following three days of intense selling, global stock indices bounced back as investors took advantage of lower valuations and grew more optimistic about US tariff negotiations,” said IG analyst Axel Rudolph.Wall Street’s three main indices rose more than three percent at the opening bell, but gave up some of those gains during morning trading.Europe’s main indices finished the day with gains of more than two percent.European Union chief Ursula von der Leyen warned against escalating a trade conflict during a phone call with Chinese Premier Li Qiang on Tuesday.A rebound in oil prices, which also fell heavily in recent days on recession fears, ran out of steam.Starting Wednesday, US imports of Chinese products will be hit with a 34-percent tariff while EU goods will be taxed 20 percent.Beijing plans to retaliate with its own 34-percent tariff on Thursday while the EU will present its countermeasures as soon as next week.The 27-nation block also plans tariffs of up to 25 percent on US goods in retaliation for levies on steel and aluminium, but it will spare bourbon to shield European wine and spirits from reprisals, according to a document seen by AFP.- Tokyo rebound -Tokyo’s stock market closed up more than six percent — recovering much of Monday’s drop — after Japanese Prime Minister Shigeru Ishiba held talks with Trump.The share price of Nippon Steel rallied by around the same amount after Trump launched a review of its proposed takeover of US Steel that was blocked by his predecessor Joe Biden.Hong Kong’s stock market closed up by more than one percent, having plunged more than 13 percent on Monday, its biggest one-day retreat since 1997.”After multiple punishing sessions, stock markets appear to have started their road to recovery,” noted Russ Mould, investment director at the AJ Bell trading group.He warned, however, that “it’s dangerous to think a massive rally will definitely happen, given how Trump is unpredictable”.Trump said he would impose an additional 50-percent levy on China if Beijing did not heed his warning not to push back against his tariffs. China fired back that it would “never accept” such a move and called the potential escalation “a mistake on top of a mistake”.- ‘Danger of losing control’ -The trade war has put the Federal Reserve in the spotlight as economists said escalation could send prices surging. US central bank officials are now having to decide whether to cut interest rates to support the economy, or keep them elevated to keep a lid on inflation.Trade Nation analyst David Morrison said markets have gone from expecting five rate cuts this year to three or four.”This suggests that fears of a tariff-led economic slowdown ‘trump’ those of a tariff-led jump in inflation,” he said.Morrison warned of a risk of the stock slump resuming if investors lose confidence in the Trump administration’s handling of trade policy.”In the absence of some tariff clarity and defined purpose from the White House, and soon, the Trump administration is in great danger of losing control,” he said. “If markets perceive this, which they are close to doing, then the derisking will continue,” said Morrison, referring to investors selling risk assets such as stocks.- Key figures around 1530 GMT -New York – Dow: UP 2.0 percent at 38,713.52 pointsNew York – S&P 500: UP 2.0 percent at 5,164.28New York – Nasdaq Composite: UP 2.3 percent at 15,961.46 London – FTSE 100: UP 2.7 percent at 7,910.53 (close)  Paris – CAC 40: UP 2.5 percent at 7,100.42 (close)Frankfurt – DAX: UP 2.5 percent at 20,280.26 (close)Tokyo – Nikkei 225: UP 6.0 percent at 33,012.58 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 20,127.68 (close)Shanghai – Composite: UP 1.6 percent at 3,145.55 (close)Euro/dollar: UP at $1.0912 from $1.0904 on MondayPound/dollar: UP at $1.2762 from $1.2723Dollar/yen: DOWN at 146.97 yen from 147.83 yen Euro/pound: DOWN at 85.52 pence from 85.68 penceWest Texas Intermediate: DOWN 0.2 percent at $60.60 per barrelBrent North Sea Crude: DOWN 0.3 percent at $64.02 per barrelburs-rl/sbk

Global temperatures hovered at historic highs in March, the EU agency that monitors climate change said on Tuesday, prolonging an unprecedented heat streak that has pushed the bounds of scientific explanation. In Europe, it was the hottest March ever recorded by a significant margin, said the Copernicus Climate Change Service. That drove rainfall extremes across a continent warming faster than any other, as planet-heating fossil fuel emissions keep rising.The world meanwhile saw the second-hottest March in the Copernicus dataset, sustaining a near-unbroken spell of record or near-record-breaking temperatures that has persisted since July 2023.Since then, virtually every month has been at least 1.5 degrees Celsius hotter than it was before the industrial revolution, when humans began burning massive amounts of coal, oil and gas.March was 1.6C above pre-industrial times, extending an anomaly so unusual that scientists are still trying to fully explain it.”That we’re still at 1.6C above preindustrial is indeed remarkable,” said Friederike Otto of the Grantham Institute for Climate Change and the Environment at Imperial College London. “We’re very firmly in the grip of human-caused climate change,” she told AFP.Scientists had predicted the extreme run of global temperatures would subside after a warming El Nino event peaked in early 2024, but they have stubbornly lingered well into 2025. “We are still experiencing extremely high temperatures worldwide. This is an exceptional situation,” Robert Vautard, a leading scientist with the United Nations’ climate expert panel IPCC, told AFP. – ‘Climate breakdown’ – Scientists warn that every fraction of a degree of global warming increases the intensity and frequency of extreme weather events such as heatwaves, heavy rainfall and droughts.Climate change is not just about rising temperatures but the knock-on effect of all that extra heat being trapped in the atmosphere and seas by greenhouse gases like carbon dioxide and methane.Warmer seas mean higher evaporation and greater moisture in the atmosphere, causing heavier deluges and feeding energy into storms.This also affects global rainfall patterns.March in Europe was 0.26C above the previous hottest record for the month set in 2014, Copernicus said.Some parts of the continent experienced the “driest March on record and others their wettest” for about half a century, said Samantha Burgess of the European Centre for Medium-Range Weather Forecasts, which runs the Copernicus climate monitor. Bill McGuire, a climate scientist from University College London, said the contrasting extremes “shows clearly how a destabilised climate means more and bigger weather extremes”.”As climate breakdown progresses, more broken records are only to be expected,” he told AFP.Concerns over the global economy were dominating headlines at a time when India was enduring scorching heat and Australia was swamped by floods, said Helen Clarkson, CEO of Climate Group.”The threat to the planet is existential, but our attention is elsewhere,” Clarkson said.- Puzzling heat -The global heat surge pushed 2023 and then 2024 to be the hottest years on record.Last year was also the first full calendar year to exceed 1.5C — the safer warming limit agreed by most nations under the Paris climate accord.This single year breach does not represent a permanent crossing of the 1.5C threshold, which is measured over decades. But scientists warn the goal is slipping out of reach.If the 30-year trend leading up to then continued, the world would hit 1.5C by June 2030.Scientists are unanimous that burning fossil fuels has largely driven long-term global warming.But they are less certain about what else might have contributed to this record heat spike.Vautard said there were “phenomena that remain to be explained,” but the exceptional temperatures still fell within the upper range of scientific projections of climate change.Experts think changes in global cloud patterns, airborne pollution and Earth’s ability to store carbon in natural sinks like forests and oceans could be among factors contributing to the planet overheating.Scientists say the current period is likely to be the warmest the Earth has been for the last 125,000 years.

Stock markets regained some ground on Tuesday, even as trade tensions between the United States and China escalated sharply after days of turmoil over US President Donald Trump’s tariffs offensive.Trump has upended the world economy with sweeping tariffs that have raised the spectre of an international recession, but has ruled out any pause in his aggressive trade policy despite a dramatic market sell-off.Steep tariffs come into effect against goods from a raft of nations on Wednesday, with Chinese products facing a 34-percent levy that Beijing will counter with a similar duty on Thursday.Trump has warned he would impose additional levies of 50 percent if Beijing refused to stop pushing back against his tariffs.”I have great respect for China but they can not do this,” Trump said at the White House.China swiftly hit back, blasting what it called “blackmailing” by the United States and vowing “countermeasures” if Washington imposes more tariffs.”If the US insists on going its own way, China will fight it to the end,” a spokesperson for Beijing’s commerce ministry said on Tuesday.- ‘Ignorant, impolite’ -In a mounting war of words, China’s foreign ministry also condemned “ignorant and impolite” remarks by US Vice President JD Vance in which he complained the United States had for too long borrowed money from “Chinese peasants”.The ministry said that “pressure, threats and blackmail are not the right way to deal with China”.The European Union sought to cool tensions, with the bloc’s chief Ursula von der Leyen warning against worsening the trade conflict in a call with Chinese Premier Li Qiang.She stressed the “vital importance of stability” for the world’s economy as well as “the need to avoid further escalation,” according to a readout from EU officials.The Chinese premier told von der Leyen that the world’s number two economy has the “tools” necessary to weather economic headwinds.”China can fully hedge against adverse external effects, and is fully confident of maintaining sustained and healthy economic development,” he said, according to state news agency Xinhua. The EU said Tuesday that it expects to present as soon as next week its response to the 20-percent levies it is facing under Trump’s latest tariff wave, with Germany and France advocating a tax targeting US tech giants.But Brussels has also proposed an exemption from tariffs on industrial products, including cars, which Trump said was not enough to resolve the US trade deficit with the EU.”The European Union has been very, very bad to us,” Trump said.In retaliation for US levies introduced in mid-March on steel and aluminium, the EU plans tariffs of up to 25 percent on US goods ranging from soybeans to motorcycles and make-up, according to a document seen by AFP.But US bourbon was spared after Trump threatened to hit European wine and spirits with massive retaliatory duties.A 10 percent “baseline” tariff on US imports from around the world took effect Saturday.Trump’s tariffs have roiled global markets, with trillions of dollars wiped off combined stock market valuations in recent sessions.But Wall Street stocks surged at the open Tuesday, with all three major US indices up more than three percent as Trump reported a “great call” with South Korea’s leader while US Treasury Secretary Scott Bessent said Japan had sought quick negotiations. Europe’s main stock markets were up around three percent in afternoon trade while Asia’s leading indices also rose after suffering particularly heavy falls on Monday. Trump believes the tariffs will revive America’s lost manufacturing base by forcing foreign companies to relocate to the United States, rather than making goods abroad.But most economists question that and say his tariffs are arbitrary.Despite the turmoil, Trump said Monday he was “not looking” at any pause in tariff implementation.He also scrapped any meetings with China but said Washington was ready for talks with any country willing to negotiate. More than 50 nations have sought reach out to the US leader, according to the White House. While meeting Israel’s Prime Minister Benjamin Netanyahu, the first leader to lobby Trump in person over the levies, Trump said: “There can be permanent tariffs, and there can also be negotiations, because there are things that we need beyond tariffs.”burs-sr/lth

A raucous group of elderly investors held court at a Shanghai securities company on Tuesday, chatting loudly about the stock prices flickering on LED boards as Chinese markets stutteringly recovered from the brutal day before.Asian and European equities collapsed on Monday after China retaliated to President Donald Trump’s sweeping tariffs against US trading partners, as fears grow that the trade war could cause a global recession.Shanghai lost over seven percent, and on Tuesday the pensioners sat on plastic orange chairs in front of the screens, sipping tea from flasks and enthusiastically discussing the mauling.”Yesterday I lost 50,000 yuan ($6,833) all at once,” retired factory worker Jin told AFP.With the Chinese monthly urban pension around $460, that is no small sum.”It’s very depressing,” he said, but added that “investing in the stock market is like this”.China’s government has taken steps to stabilise the market, announcing the central bank would support a major state-backed fund’s share buy-back programme.”I saw the news on TV yesterday… Then I had faith in the government, you know? Today is really good, it’s stable,” said Jin.Shanghai advanced 1.6 percent on Tuesday.A woman in her 80s who gave her surname as Lu said she had come to invest more after hearing about the government measures, though she said she was still “very worried”. “I think this time after (making some gains) I’ll take it out, I can’t believe it went down so fast,” she said. – ‘Seen it all before’ -The branch of Hongta Securities that AFP visited is somewhat of an anomaly, a relic of the days when most small trading was done at in-person terminals. It was used as a filming location for popular series Blossoms, which portrayed the city’s breathless boom years after the Shanghai Stock Exchange opened in 1990. Now-defunct stock screens covering both main walls hint at busier times. These days, most visitors are pensioners, who prefer in-person trading to the new norm of doing so online. Some stayed from market opening until close on Tuesday, forming a core — and vociferous — posse in the best seats under the screens. Their age means they take a long view of current events. “We’ve seen it all before, it’s happened before,” scoffed one woman, who did not give her name.”We’re indifferent!” her friend chimed in. Wang, a retiree in his 70s, said his portfolio had suffered over the last few days, but that he was not too worried. “It won’t affect the average Chinese person’s life,” he said, adding he thought Americans would ultimately suffer more from the trade war.”Ordinary people, or ordinary stockholders, have confidence in the country,” said another man surnamed Wang. Jin, the retired factory worker, said he expected the market to continue to fall for the time being if Trump did not change course. But he saw a potential opportunity in that. “Looking at the situation, you don’t buy, you wait for the country’s market to fall almost, then find a way in.”

Stock markets and oil prices recovered slightly Tuesday after a huge sell-off, but analysts warned of more turmoil as US President Donald Trump charges ahead in his escalating trade war.After trillions of dollars were wiped from the combined value of global equity markets since last week, share prices across Asia and Europe battled back awaiting Wall Street’s reopening.Investors clawed back some ground as they assess the possibility of Washington tempering some of levies.The dollar dipped against main rivals.”After multiple punishing sessions, stock markets appear to have started their road to recovery,” noted Russ Mould, investment director at AJ Bell trading group.He warned, however, that “it’s dangerous to think a massive rally will definitely happen, given how Trump is unpredictable”.Europe’s main indices were up by an average of about 1.5 percent approaching the half-way stage.European Union chief Ursula von der Leyen warned against escalating a trade conflict during a phone call with Chinese Premier Li Qiang on Tuesday.The EU plans tariffs of up to 25 percent on US goods in retaliation for levies on metals, but will spare bourbon to shield European wine and spirits from reprisals, according to a document seen by AFP.- Asia bounce -Tokyo’s stock market closed up more than six percent — recovering much of Monday’s drop — after Japanese Prime Minister Shigeru Ishiba held talks with Trump.The share price of Nippon Steel rallied by around the same amount after Trump launched a review of its proposed takeover of US Steel that was blocked by his predecessor Joe Biden.However, the US leader’s threat to hit China with an extra 50 percent tariffs — in response to its 34 percent retaliation in kind — ramped up the chances of a catastrophic stand-off between the two economic superpowers.Trump said he would impose the additional levies if Beijing did not heed his warning not to push back against his barrage of tariffs. China fired back that it would “never accept” such a move and called the potential escalation “a mistake on top of a mistake”.Hong Kong’s stock market closed up by more than one percent, having plunged over 13 percent Monday, its biggest one-day retreat since 1997.Trading in Jakarta was briefly suspended after it plunged more than nine percent in exaggerated moves following a long holiday weekend in Indonesia.The advances followed less pain Monday on Wall Street, with the Nasdaq edging up.The trade war has put the Federal Reserve in the spotlight as economists said escalation could send prices surging. US central bank officials are now having to decide whether to cut interest rates to support the economy, or keep them elevated to keep a lid on inflation.”Because the tariffs announced thus far are higher than previously expected, we think the risk is now skewed toward more rate cuts by year-end,” said Nuveen chief investment officer Saira Malik. – Key figures around 1030 GMT -London – FTSE 100: UP 1.6 percent at 7,827.99 points Paris – CAC 40: UP 1.0 percent at 6,998.74Frankfurt – DAX: UP 1.2 percent at 20,021.15 Tokyo – Nikkei 225: UP 6.0 percent at 33,012.58 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 20,127.68 (close)Shanghai – Composite: UP 1.6 percent at 3,145.55 (close)New York – Dow: DOWN 0.9 percent at 37,965.60 (close)Euro/dollar: UP at $1.0934 from $1.0904 on MondayPound/dollar: UP at $1.2752 from $1.2723Dollar/yen: DOWN at 146.89 yen from 147.83 yen Euro/pound: UP at 85.73 pence from 85.68 penceWest Texas Intermediate: UP 0.4 percent at $60.95 per barrelBrent North Sea Crude: UP 0.3 percent at $64.39 per barrelburs-bcp/ajb/lth

China vowed Tuesday to “fight to the end” after US President Donald Trump threatened to further ramp up tariffs but the EU warned against escalating a trade war that has rocked global markets.Trump has upended the world economy with sweeping tariffs that have raised the spectre of an international recession, but has ruled out any pause in his aggressive trade policy despite a dramatic market sell-off.Beijing — Washington’s major economic rival but also a key trading partner — responded by announcing its own 34 percent duties on US goods to come into effect on Thursday, deepening a showdown between the world’s two largest economies. The swift retaliation from China sparked a fresh warning from Trump that he would impose additional levies of 50 percent if Beijing refused to stop pushing back against his barrage of tariffs — a move that would drive the overall levies on Chinese goods to 104 percent.”I have great respect for China but they can not do this,” Trump said at the White House.”We are going to have one shot at this… I’ll tell you what, it is an honour to do it.”China swiftly hit back, blasting what it called “blackmailing” by the United States and vowing “countermeasures” if Washington imposes tariffs on top of the 34 percent extra that were due to come in force on Wednesday.”If the US insists on going its own way, China will fight it to the end,” a spokesperson for Beijing’s commerce ministry said on Tuesday.- ‘Ignorant, impolite’ -In a mounting war of words between Beijing and Washington, China’s foreign ministry also condemned “ignorant and impolite” remarks by US Vice President JD Vance in which he complained the US had for too long borrowed money from “Chinese peasants”.The ministry said that “pressure, threats and blackmail are not the right way to deal with China”.Beijing urged Washington to instead “adopt an attitude of equality, respect and mutual benefit” if it wanted to engage in talks.The European Union sought to cool tensions, with the bloc’s chief Ursula von der Leyen warning against worsening the trade conflict in a call with Chinese Premier Li Qiang.She stressed the “vital importance of stability” for the world’s economy, urged a “negotiated solution” and emphasised “the need to avoid further escalation,” according to a readout of the call from EU officials.The EU is weighing its own response to the 20-percent tariffs it is facing, with its biggest economies Germany and France advocating a tax targeting US tech giants.But Brussels has also proposed an exemption from tariffs on industrial products, including cars, which Trump said Monday was not enough to account for the US trade deficit with the EU.”The European Union has been very, very bad to us,” Trump said.A 10 percent “baseline” tariff on US imports from around the world took effect Saturday, and a slew of countries will be hit by higher duties from Wednesday, including China and the EU.Trump’s tariffs have roiled global markets in the last days, with trillions of dollars wiped off combined stock market valuations in recent sessions.Stock markets staged a mild rebound on Tuesday, with Hong Kong’s Hang Seng index rising 1.5 percent after crashing 13.2 percent the previous day in its worst performance since 1997.Shares in Tokyo leapt after Treasury Secretary Scott Bessent suggested in a Fox News interview that Japan would get “priority” in negotiations over the US tariffs “just because they came forward very quickly”.Scores of countries have sought talks, Bessent said, adding “through good negotiations, all we will do is see levels come down”.European markets also clawed back some ground, with London, Paris and Frankfurt all up more than one percent in morning trade.Trump believes the tariffs will revive America’s lost manufacturing base by forcing foreign companies to relocate to the United States, rather than making goods abroad.But most economists question that and say his tariffs are arbitrary.Despite the turmoil, Trump said Monday he was “not looking” at any pause in tariff implementation.He also scrapped any meetings with China over tariffs, but said Washington was ready for talks with any country willing to negotiate.While meeting Israel’s Prime Minister Benjamin Netanyahu, the first leader to lobby Trump in person over the levies, Trump said: “There can be permanent tariffs, and there can also be negotiations, because there are things that we need beyond tariffs.”burs-sr/lth