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Citigroup Says S&P 500 Heading for a `Full Scale Bear Market'

  • Trump is likely to put tariffs on all China goods: Citigroup
  • Good news is Fed could still ride to rescue, strategists say
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The U.S. tariffs on Mexico might be off, but Citigroup Inc. strategists warn that trade tensions are set to climb, roiling financial markets from stocks and bonds to commodities.

“Tensions are mounting and the outcome looks more likely to be driven by politics than economics,” Citigroup’s Global Macro strategy team, led by Mark Schofield, wrote in a June 10 note to clients. President Donald Trump “is likely to continue to take a hard line.”