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  HOME | Business & Economy (Click here for more)

Asian Markets Tumble after US Announcement of China-Targeted Tariffs

BEIJING – Stock markets around Asia fell on Wednesday with most major indexes recording steep drops as a trade war between China and the United States escalated following the announcement of an additional list of Chinese products on which the US might impose tariffs.

The losses were greater when the markets opened and mid-day, although they regained partially owing to large buybacks.

As a fallout of the trade war between the world’s two largest economies that started last week, the Nikkei, the main index of the Tokyo Stock Exchange, fell 1.19 percent at closing, while the second index, TOPIX, closed after falling 0.83 percent.

Both the indexes had dropped for the first time in the last four trading days.

Nikkei lost almost 2 percent during the first half of trading following investor panic over U.S. President Donald Trump’s announcement on Tuesday that the US might impose 10 percent tariffs on an additional $200 billion worth of Chinese products.

In Seoul, the announcement broke a positive upward trend of three consecutive days causing the index KOSPI to lose 0.59 percent with Samsung Electronics, chips manufacturer SK Hynix and the pharmaceutical giant Celltrion, which sank 0.65, 0.57 and 1.6 percent.

In Hong Kong, the Hang Seng returned to losses Wednesday and stood at 1.29 percent, sinking 8.85 percent in the last month.

In Shanghai, the general index fell by 1.85 percent, while in Shenzhen, it fell 1.97 percent.

 

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