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US shares suffer worst fall of year as trade war with China flares; ASX set to slump again

"Morgan Stanley: If the trade war escalates, a recession will be here in 9 months
Copper, a barometer for the global economy, drops to a 2-year low on trade war fears
"How Democrats Will Attack Trump on the Economy
An A- for the U.S. Economy, but Failing Grades for Trump’s Policies
"hookrider, White House Analysis Finds Tariffs Will Hurt Growth, as Officials Insist Otherwise""""

By business reporter David Chau, wires

Updated about 4 hours ago

Trump and one of his many good buddies.


Photo: US President Donald Trump has imposed 10 per cent tariffs on $US300 billion of
Chinese imports. (ABC News: Jarrod Fankhauser)

Related Story: iPhones will cost more after Trump slaps new tariffs on $300 billion of Chinese goods
https://www.abc.net.au/news/2019-08-02/donald-trump-to-impose-more-tariffs-on-chinese-goods/11376766

Related Story: Rate cut and trade war wrongfoot the markets (again)
https://www.abc.net.au/news/2019-08-04/rate-cuts-trade-war-surprise-markets-tumble-rba-considers-cuts/11378564

Related Story: Dow slips as Trump resumes trade war with China
https://www.abc.net.au/news/2019-08-02/aud-slips-dow-jones-wall-street-drops-donald-trump-trade-war/11376756

Wall Street has suffered its worst trading day of the year, with the Dow Jones index plunging 768 points.

Key points:

* Technology companies and banks were hit hardest

* It was a similar situation in European markets, with London's FTSE and Germany's DAX also dropping

* The global sell-off will spread to the Australian share market when it opens

https://www.abc.net.au/news/2019-08-06/dow-suffers-worst-fall-of-year-as-us-china-trade-war-flares/11386148