Markets crash as US-China trade tension escalates
Mumbai, May 6 (IANS) Indian markets in line with the Asian markets fell steeply over signs of escalating US-China trade tension on Monday.
On Sunday night, US President Donald Trump threatened to impose fresh trade tariffs worth $200 billion on Chinese goods in an attempt to force additional concessions.
The benchmark Sensex fell up to 450 points.
The Sensex of the BSE opened at 38,719.33 from its previous close at 38,963.26 on Friday.
At 9.25 a.m., the Sensex traded at 38,578.53 lower by 384.73 points or 0.99 per cent.
The Nifty50 of the National Stock Exchange (NSE) opened at 11,605.80 after closing at 11,712.25 on Friday.
The Nifty traded at 11,607.75 during the morning trade session, down 104.50 points and 0.89 per cent.
Trump’s threats came right ahead of a critical week of final negotiations between the two country to end the year-long tit-for-tat trade war which has roiled financial markets ever since it started.
He has already imposed tariffs on $250 billion worth of Chinese goods and is now threatening to tax nearly all of the products China exports to the US.