President Donald Trump’s threat Thursday to put 10% tariffs on the remaining $300 billion of Chinese imports that aren’t subject to his existing levies sent markets tumbling from Asia to Europe and early in the U.S. on Friday.
The new tax would hit American consumers, and businesses are going to face even more supply disruptions.
China has already vowed to retaliate if Trump follows through.
Bloomberg Economics’ initial estimate of the additional costs of U.S. tariffs and Chinese retaliation sees both economies taking a 0.2% hit to GDP by 2021.
Meanwhile, a simmering trade fight between Japan and South Korea is boiling over, putting the health of two Asian export powers at stake.
In Europe, concerns are mounting for a hard U.K. exit from the European Union.
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