A fresh trade salvo from US President Donald Trump, announcing steep tariffs on China from November 1, may send global markets, including India, tumbling on Monday. The move has reignited trade war fears, threatening to erase the positive momentum built by Indian benchmark indices last week.

Global risk sentiment took a sharp hit after US President Donald Trump escalated his trade conflict with China, which had earlier tightened restrictions on rare earth minerals. On Friday, Wall Street slumped, with the S&P 500 and the Nasdaq recording their worst single-day percentage drops since April 10. The Dow Jones Industrial Average fell 1.90 per cent to 45,479.60, the S&P 500 shed 2.71 per cent to 6,552.51, and the Nasdaq Composite plunged 3.56 per cent to 22,204.43. Advertisement

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