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Strategist: The U.S.-China trade war is more damaging for the rest of the world

Strategist: The U.S.-China trade war is more damaging for the rest of the world

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What blacklisting Huawei means for the US-China trade war

Hong Kong (CNN Business)Global stock markets slumped Monday, as investors reacted to the prospect of adrawn-out trade war.

China on Sunday said it will not back down in a trade fight with the United States, two days after signaling it could blacklist foreign companies from its huge market.

The series of actions over the weekend means that Chinas long march has begun, Iris Pang, an economist with ING said in a research note Monday.

It means that the trade war has not only become a technology war but also a broad-based business war. There will be more retaliation actions from China, especially for the technology sector, she added.

TokyosNikkeirecovered slightly from a rough opening to close down 0.9% on Monday. TheShanghai Compositedeclined 0.3%, while Hong KongsHang Sengshed 0.1%.

In Europe, benchmark indexes inLondonandPariswere down 1% in early trading. FrankfurtsDAXdeclined 0.6%.

The Chinese government released a document on Sunday that blamed the United States for the breakdown in trade talks.

Wang Shouwen, a vice minister of commerce and deputy trade negotiator, said the United States cant force a trade deal on China and that the country will not back down.

Beijing also said on Sunday that it isinvestigating FedExafterembattled Chinese tech firm Huaweisaid the delivery company diverted to the United States two packages intended for the companys offices in China.

comes after China announced Friday that is building anunreliable entity list, effectively preparing to blacklist foreign companies as trade tensions with the United States continue to escalate.

China is investigating FedEx after it diverted packages to the United States

bucked the trend on Monday, rising more than 1% as foreign investors snapped up shares in tech company

Samsung and SK Hynix could benefit from increased sales to Chinese firms barred from doing business with US companies, according to a recent research note from Rex Wu, an analyst with brokerage Jefferies.

India is a massive business opportunity for America

President Donald Trump announced Friday that he willremove India from a special trade programon Wednesday. Meanwhile, investors are still trying to determine hownew tariffs on Mexicomight affect American businesses and the economy.

Recent events have shown that markets cannot really ever dismiss (trade) uncertainties and that investors may need to accept that the United States is comfortable fighting a trade war on many fronts, said Hannah Anderson, a market strategist with JP Morgan.

Dow futureswere down 160 points, or 0.6%, signaling a rough start to June for Wall Street.S&P 500futures dropped 0.6% andNasdaqfutures fell about 0.8%.