A look at the day ahead in European and global markets from Ankur Banejee An action-packed week in the markets is heading for a more subdued finish as traders await U.S. payrolls data, although the lingering threat of a trade war kept investors hesitant about placing major bets.

The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.

While President Donald Trump has delayed levying tariffs on Canada and Mexico, the U.S. has officially implemented a 10% tariff on all Chinese imports. Just as we saw in Trump’s first term, China has responded with retaliatory tariffs,