COSTLY U.S.-CHINA TRADE WAR HITS MARKETS
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COSTLY U.S.-CHINA TRADE WAR HITS MARKETS
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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 harboring “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 percent, 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.
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 toward recession.
In a note to clients, they said such a scenario would prompt the U.S. Federal Reserve to slash interest rates back to zero by the spring of 2020, but lags in policy transmission “would mean that we might not be able to avert the tightening of financial conditions and a full-blown recession.”… (Excerpted from Reuters article, by David Lawder and Ben Lanchard)
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Amen and Amen to the prayer for President Trump and each advisor to be given knowledge and understanding from the Holy Spirit of God in order to bless the United States and the world with freedom from bad business deals with China and any other nation who seeks to gain financially with uneven “scales”. We are the head and not the tail and will not be under the dominion of any power but God’s. In God we Trust!
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We rebuke this spirit of destruction in the name of Jesus! We bind any spirit that wants to devastate our Nation and our President! They have NO authority over us, our President and his decision making and policies to have fair and equitable trade with China! We are the head and not the tail! We will be the lenders and not the borrowers! We bind China and their unethical business practices and their attemp to dominate and take intellectual and secret business information. We loose the power and authority from you Lord to lead, guide and direct our President to have supernatural knowledge on how to proceed and negotiate with these people fairly and in your will! Amen, In Jesus name!