Stocks drift, dollar slips amid US-China stand-off

Stocks have ticked sideways while the US dollar headed towards its largest monthly fall for years as investors braced for the trade war to be felt in earnings and economic data. US President Donald Trump’s tariffs have rattled faith in US assets and even though numerous backdowns have helped the S&P 500 recover much of its early April losses, the dollar has managed only to steady, without a big rebound. It slipped overnight when US Treasury Secretary Scott Bessent told CNBC it was “up to China to de-escalate” tariffs, which sit at 125 per cent for most US exports to…