The Wall Street ructions sparked by President Donald Trump’s trade war could be a “tipping point” for foreign investors’ willingness to hold US assets, the head of Congress’s fiscal watchdog has warned.
“Even as we move away from the volatility of April, the memory of it will still remain,” Phillip Swagel, director of the Congressional Budget Office, told the Financial Times. “Something we’re trying to figure out is will there be a lasting hesitation among global investors as they look at the US.”
Trump’s April 2 “liberation day” tariff announcement ignited acute volatility in US government debt and equity markets, with the S&P 500 share index plummeting as much as 15 per cent and borrowing costs surging.
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