
Trump's trade war salvo rocks markets
The HinduInvestors bought dollars, sold stocks and fretted about inflation on Monday in a scramble to assess the risk of a trade war after Donald Trump put tariffs on top U.S. trading partners. "Trump's trade war has started," said Alvin Tan, head of Asia currency strategy at RBC Capital Markets in Singapore, noting it was hard to see the U.S. dollar retreating any time soon. Trump said the tariffs may cause "short term" pain for Americans, and while he would speak on Monday with the leaders of Canada and Mexico, which have announced retaliatory tariffs of their own, he downplayed expectations that they would change his mind. China, still closed on Monday for the Lunar New Year holidays, said it would challenge Trump's tariffs at the World Trade Organization and take unspecified countermeasures.
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