Global markets could turn volatile as investors realize there are no winners from a trade war between the two largest economies that is more disruptive than before.

Faltering U.S. industrial leadership has allowed China to take a harder trade stance as President-elect Donald Trump prepares to take office.

Uncertainty will loom over markets even if Trump doesn't follow through with his trade proposals, and the impact could drag on S&P 500 earnings, analysts say.

In choosing Scott Bessent to be Treasury secretary and Howard Lutnick as Commerce Secretary, Mr. Trump put the top economic roles in his administration in the hands of billionaires who hail from Wall Street. The addition of Mr. Navarro to his economic team will ensure that Mr. Trump’s populist promises will have a voice in his White House.

Peter Navarro served prison time for refusing to cooperate with the congressional investigation into the Jan. 6, 2021, insurrection, and now will be a senior adviser for trade and manufacturing.

U.S. President-elect Donald Trump said on Wednesday he had picked Peter Navarro, a fiercely loyal former aide who did jail time related to the Jan. 6, 2021, U.S. Capitol riot, to be senior counselor for trade and manufacturing,

The coast guards of China and the Philippines gave conflicting versions on Wednesday of a maritime confrontation around a contested shoal in the South China Sea, the latest row in a longstanding dispute between the neighbours.

The Philippine Coast Guard has released a video they say shows a confrontation with a Chinese Coast Guard vessel in the contested South China Sea. China's coast guard says it was protecting its sovereign territory.

The Philippines Coast Guard accused Chinese vessels of aggressive and dangerous actions in a confrontation in the South China Sea.