Worries of longer, costlier U.S.-China trade war weighs on markets [Toronto Globe and Mail (Ontario, Canada)]
Micron Technology, Inc. (MU)
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Source: Toronto Globe and Mail
Worries of longer, costlier U.S.-China trade war weighs on markets Worries that the United States and China were digging in for a longer, costlier trade war weighed on financial markets on Monday as Beijing accused Washington of harbouring “extravagant expectations” for a deal to end their dispute. Investors added up the costs of higher tariffs on Chinese and U.S. goods as well as the effects of severe U.S. restrictions on China’s Huawei Technologies for the U.S. technology sector, sharply driving down shares of suppliers Qualcomm, Micron Technology and Broadcom Inc. Apple Inc shares fell 3.3 per cent, hurt by a warning from HSBC that higher tariffs on Chinese goods would force the tech company to raise prices, with “dire consequences” on demand for its products. Story continues below advertisement Morgan Stanley analysts warned that a collapse of the trade talks and a lasting breakdown with higher tariffs on all U.S.-China trade would push the global economy towards recession. In a n
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