Chinese President Xi Jinping urged the European Union on Friday to "stand together" in response to Donald Trump’s trade war that is keeping stock markets in a state of high volatility.
Xi said China and the EU must take on their international responsibilities, protect economic globalisation and the international business environment, and jointly oppose any unilateral coercion, during a meeting in Beijing with Spanish Prime Minister Pedro Sanchez.
After his dramatic about-turn on Wednesday, the unpredictable US President once again defended on Thursday his tariff strategy aimed at bringing industrial production back to the United States, asserting that it was a "good thing."
French President Emmanuel Macron warned in a message posted on social media on Friday that lowering US tariffs to 10% was a "fragile pause" and stressed that "together with the European Commission, we must show strength: Europe must continue to work on necessary countermeasures."
Despite uncertainty caused by Trump’s policies and heightened Sino-American tensions, financial markets remained unsettled.
Following Wall Street’s lead, Tokyo’s index plunged 3.37% at 06:00 GMT (08:00 Brussels time), while Seoul’s index fell 0.64%. Wall Street ended sharply lower on Thursday, with the Dow Jones dropping 2.50% and the Nasdaq falling 4.31%.
However, after opening lower, Chinese markets turned positive, with Shanghai’s index rising by 0.75%.
In Europe, stock markets were expected to open slightly higher on Friday, as the market catches its breath after a week of roller-coaster activity.
