The world’s richest business people lost billions this Monday due to a stock market collapse caused by yet another twist in the trade war between the United States and China.
This Monday was the worst day for US stock markets since the beginning of the year. The collapse was triggered by US government plans to introduce 10% tariffs on $300 bln in Chinese goods. US President Donald Trump accused China of artificially manipulating RNB to mark it down so that Chinese exports could force out all domestic products in various Western countries.
China denies Trump’s accusations and claims that his policy is destroying the global economy, Vedomosti reports. The financial market collapse cost the world’s wealthiest people billions. The total net worth of 500 richest business people dropped by $117 bln over one day.