The U.S. raised tariffs from 10 percent to 25 percent on $200 billion of Chinese goods on Friday, prompting a vow from China to implement retaliatory measures.
Bank of America warned clients of a"global recessionary scenario" if a full trade war erupts as tensions between China and the U.S. escalated over the implementation of new tariffs.
Wall Street analysts provided projections for a range of scenarios, including ominous predictions in the event of a full trade war. The three major U.S. stock indices dropped before trading opened on Friday, following President Donald Trump's tweet on Friday morning that"talks with China continue in a very congenial manner - there is absolutely no need to rush - as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products."
Vice President Mike Pence said last week that"President Trump remains very hopeful" about concluding an agreement to solve tensions, and Treasury Secretary had recently called talks between the two nations"productive."
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