US stocks suffered their steepest drop in five months as tensions between Beijing and the White House escalated. The Trump administration’s threat of an additional 100% tariff on Chinese imports sent markets into a tailspin, with the Magnificent Seven slumping nearly 4% and tech heavyweights Nvidia, Tesla, and Amazon each falling about 2%. Elsewhere, safe-haven assets gained favour as bond yields fell and gold prices climbed, while energy producers were in focus after oil prices tumbled 4%. Back home, Aussie shares are set to open lower on Monday as tariff anxiety ripples through global markets.

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