The trade truce is off and has sent markets reeling. Squawk Box anchors digest the massive moves across asset classes after U.S. President Donald Trump loses patience with a lack of progress on trade talks with Beijing and slaps 10 per cent onto $300bn of Chinese goods. The Dow falls nearly 300 points and Asian equities follow Wall Street into the red as Chinese state media insists Trump’s move will backfire. The sudden increase in trade tensions also impacts bond yields with the U.S. ten-year slumping to its lowest level since 2016. And oil claws back some ground after falling 8 per cent amid renewed fears of a global economic slowdown. Elsewhere, U.K. Prime minister Boris Johnson’s majority in the House of Commons shrinks following a by-election in Wales. On the corporate front, we break earnings from Credit Agricole and Allianz.

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