Asian stocks fall as Trump's new tariffs rekindle trade tensions
Asian shares fell on Tuesday after U.S. President Donald Trump stunned markets by imposing new tariffs on products imported from Brazil and Argentina, rekindling fears over global trade tensions.
China's blue-chip CSI300 index fell as much as 0.62% before clawing back to register small gains. The Shanghai Composite Index was down 0.08% after earlier hitting its lowest point since August 26.
Hong Kong’s Hang Seng Index was 0.2% lower after previously falling as much as 1.44%.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.43% as Australian shares recorded their worst day in two months with a 2.2% drop.
However, some Asian indexes rebounded in afternoon trade from session lows.
In Tweets on Monday, Trump said that he would impose tariffs on steel and aluminum imports from Brazil and Argentina, attacking what he saw as both countries' "massive devaluation of their currencies."
Contrary to the U.S. President's remarks, both Brazil and Argentina have been trying to strengthen their respective currencies against the dollar.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...