- Global stock markets fell after China banned certain U.S. shipping firms. Treasury Secretary Scott Bessent said: “If they want to slow down the global economy, they will be hurt the most.” Asian and European indexes all dropped on the news, and S&P 500 futures were in sharp decline prior to the bell in New York. The index itself dropped nearly 1% immediately after the open.
A broad-based selloff swept global stock markets this morning after U.S. Treasury Secretary Scott Bessent told the Financial Times that China “will be hurt the most” if it doesn’t submit to Washington’s trade demands. At the same time, China showed no signs of backing down from President Trump’s trade war: It imposed sanctions banning Chinese companies from doing business with the U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean. South Korea’s KOSPI fell 0.63% on the news.
