Asia-Pacific markets fell on Friday after U.S. President Donald Trump confirmed that tariffs on imports
Asia-Pacific markets fell on Friday after U.S. President Donald Trump confirmed that tariffs on imports from Mexico and Canada will be going ahead and taking effect next week.
Australia’s S&P/ASX 200 traded 1.16% lower to close at 8,172.4.
Japan’s Nikkei 225 slipped 2.81% and the Topix lost 1.87%. South Korea’s Kospi fell 3.15% while the small-cap Kosdaq traded 3.20% lower.
Hong Kong’s Hang Seng Index fell 2.34%, and mainland China’s CSI 300 was down 0.62%.
Indian stocks were also in negative territory, with the Nifty 50 down 0.99%.
The price of Bitcoin fell 1.79% to $82,811.12, marking an almost 25% decline from its record high in January.
On Thursday, Trump announced that proposed tariffs on 25% on Canada and Mexico will be implemented on March 4 after a month-long postponement. The president said that these countries had not sufficiently reduced the flow of drugs across the border.
Additionally, Trump also said that China, which already faces 10% U.S. tariffs on its products, “will likewise be charged an additional 10% Tariff on that date.”
On Thursday, Trump announced that proposed tariffs on 25% on Canada and Mexico will be implemented on March 4 after a month-long postponement. The president said that these countries had not sufficiently reduced the flow of drugs across the border.
Additionally, Trump also said that China, which already faces 10% U.S. tariffs on its products, “will likewise be charged an additional 10% Tariff on that date.”
Overnight in the U.S., the three major indexes closed lower. The S&P 500 closed down 1.59% at 5,861.57. The broad market index remains in the red for the week and month. The Nasdaq Composite pulled back 2.78%, to end the day at 18,544.42, with Nvidia’s 8.5% slide pulling the tech-heavy index lower.
Source: CNBC
