Tokyo/Sydney — Asian shares fell on Monday after US President Donald Trump cranked up trade tension by going ahead with tariffs on Chinese imports, prompting Beijing to respond immediately in kind. The fear of a global trade war added to pressure on oil prices, which extended Friday’s big fall, while the dollar retreated from almost three-week highs against the safe-haven yen. MSCI’s broadest index of Asia-Pacific shares outside Japan skidded 0.4% to its lowest level since May 31. Financial markets in China and Hong Kong were closed for Dragon Boat festival holiday. South Korea’s Kospi index slipped 0.5% while Australian shares eased 0.1%. Japan’s Nikkei sank 0.9% as worry over growing protectionism overshadowed stronger than expected export data. US E-mini S&P futures were down 0.5% in early trade, suggesting a weaker start on Wall Street. "The on-again off-again possible global trade war is looking to be back on again as the US and China announced tariffs on each other’s imports,"...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.