Equity Markets dropped around the world and Bonds rallied after President Donald Trump aimed his tariff weapon on economies from South America to Europe and China, denting hopes for a global recovery. The S&P 500 Index fell for a third day, though it pared some of its losses in afternoon trading. The morning brought a flood of trade headlines that rattled markets, with the Trump administration signalling the U.S. plans to move forward with tariffs on Chinese goods if no deal is reached before the mid-December deadline. The president had earlier indicated he’d be willing to wait another year before striking an agreement with China. He also threatened levies on France after hitting steel from Brazil and Argentina. Treasuries surged, driving yields down the most since August, as Gold, the Japanese Yen and the Swiss franc paced gains among haven assets. The cost to protect North American investment-grade debt against default jumped as trade-war induced volatility shook markets. The flurry of trade news roiled global markets just as investors started dipping their toes into riskier waters. A rush to assets that usually outperform during times of economic growth pushed U.S. stocks to record highs last month. But renewed tariff tension and signs of profit deterioration could make traders again more cautious amid the longest bull market on record.
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