Analysts at ANZ Bank New Zealand Limited explained that trade tensions have gathered steam.
"Trade tensions have gathered steam with news that the US is preparing an additional USD200bn in tariffs on Chinese products."
"China does not import enough from the US to match this dollar-for-dollar, but was quick to respond, saying that it would retaliate with additional measures."
"Meetings at the NATO summit overnight were also described by leaders as “tense”. President Trump accused Germany of being “captive” to Russia because of joint energy deals and proposed doubling the 2% (of GDP) target for defence spending by NATO members to 4%."