The trade war between the United States and China entered a more dangerous phase on Monday, as Beijing allowed its currency to weaken, Chinese enterprises stopped making new purchases of American farm goods and President Trump’s Treasury Department formally labeled China a currency manipulator.
The arrest of a top Chinese technology executive intensified concerns about an emerging cold war between the world’s two largest economies, sending stock markets around the world lower on Thursday. The trade war has set investors on edge. The markets have been rattled about the prospect that the conflict with China would begin to impact the economy at home at a time when global growth is slowing.
Goldman Sachs is facing one of the most significant scandals in its history, a multibillion-dollar international fraud that investigators say was masterminded by a flamboyant financier with a taste for Hollywood and carried out with help from the Wall Street firm’s bankers.