Trader John O'Hara works on the floor at the New York Stock Exchange. Photo by Seth Wenig / AP

Flaring trade tensions between the United States and China sent shockwaves across markets Friday, hammering stocks, oil and crypto while spurring a dash for the perceived safety of Treasuries and gold .

President Donald Trump ’s threat of a “massive increase” in China tariffs shook Wall Street at the end of an already-volatile week that saw concern build about a bubble in artificial-intelligence companies . His remarks sent the S&P 500 down 2.7 per cent. The tech-heavy Nasdaq 100 lost 3.5 per cent. The dollar slid at the end of its best week this year. Crude plunged over four per cent.

Trump said he saw “no reason” to meet Chinese President Xi Jinping, citing recent “hostile” e

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