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1. U.S. stocks took a heavy beating for two days in a row last week. On Monday, it was the rest of the world’s turn. Historic turmoil in financial markets left investors with few places to hide as President Trump’s challenge to world trade intensified stock losses from Hong Kong to France. Hopes that the White House would ride to the rescue over the weekend, pausing the tariffs, were dashed. Indeed, Trump actually escalated the trade war, saying Monday he planned to add an additional 50% tariff on China starting Wednesday if Beijing doesn’t withdraw its planned 34% retaliatory tariff increase on the U.S. (Source: wsj.com)

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2. China pledged to retaliate against Donald Trump’s latest tariff threat and stepped up efforts to support the market, raising the risk of a prolonged trade war between the world’s two largest economies. “The US threat to escalate tariffs on China is a mistake on top of a mistake,” the Chinese Ministry of Commerce said in a Tuesday statement. “If the US insists on its own way, China will fight to the end.” The Chinese response came hours after Trump vowed to slap additional 50% import taxes on China unless it withdraws its tit-for-tat retaliation against his earlier levies. The blunt reaction suggests Beijing intends to resist the US president’s pressure campaign, dimming the prospect of a deal in the short term. (Source: bloomberg.com)