US stocks suffer worst day of year as trade fears spook markets

Concerns over full-scale currency war as Trump renews attack on China

Financial markets around the world have fallen sharply amid growing fears that the US-China trade dispute could escalate into a full-scale currency war, with damaging consequences for the world economy.

The roots of the dispute come from US president Donald Trump’s “America first” project to protect the US’ position as the world’s leading economy, while encouraging businesses to hire more workers in the US and to manufacture their products there.

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