The escalating trade confrontation between Washington and Beijing threatened to boil over Friday after President Donald Trump lashed out again and China called on the European Union to join the battle, sending global stocks into the red.

Trump remained defiant and argued the pain of the dispute will pay off in the end, while China said that his administration would only “shoot itself in the foot” if it didn’t back down from the “extremely wrong” threats.

Treasury Secretary Steven Mnuchin acknowledged there was a risk of a trade war, but said the intention is to defend US interests and the administration remains willing to negotiate.

Source: US-China trade war fears escalate as threats ramp up



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