Trump's tweets catalyzed a decrease in the yuan's value, significant drops in the three major U.S. stock indicies and a decline in oil prices.
President Donald Trump's threats to increase tariffs on China sent global markets plunging as fears increased that the trade war between the United States and China could expand.
"He snapped his fingers and rattled the market,” Sheng Liugang, the director of the trade and development research program at the Chinese University of Hong Kong, told The South China Morning Post. The posts came just days before scores of Chinese officials were expected to arrive in the U.S. this week, with negotiators hoping to end the trade war between the countries. Following reports that China was considering pulling out of the negotiations, a spokesman for China’s Ministry of Foreign Affairs said on Monday that the delegation"is preparing to travel to the U.S. for the trade talks.
Economists quickly pointed out that Trump's comments were inaccurate and that U.S. businesses and consumers paid the price for tariffs.
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