Dryblower hears the first shots in a global trade war and reports that the first victim is a mining company

IT was a US Senator, Hiram Johnson, who is credited with coining the saying in 1918 that “truth is the first casualty of war” and if Dryblower is right it will be a US President who proves it, as shots ring out to mark the start a global trade war – with mining companies the first to be wounded.

Dryblower hears the first shots in a global trade war and reports that the first victim is a mining company Dryblower hears the first shots in a global trade war and reports that the first victim is a mining company Dryblower hears the first shots in a global trade war and reports that the first victim is a mining company Dryblower hears the first shots in a global trade war and reports that the first victim is a mining company Dryblower hears the first shots in a global trade war and reports that the first victim is a mining company

Rio Tinto, a company enjoying a stellar run until last week, suffered two painful blows in a matter of hours. First when a former chief executive became the target of fresh legal charges and secondly when its share price slumped because of its exposure to Canadian aluminium.

By the close of trading in London on Friday night Rio Tinto shares had dropped by 10% over four trading days, including 3.7% on Friday alone, with the sell-off starting as rumours grew of a plan by President Trump to impose tough tariffs on steel and aluminium imports.

Worse can be expected on all stock markets this week because Trump has done much more than make a ham-fisted attempt to punish China, his primary trade target.