MANILA, Philippines (AP) — Asian shares retreated Friday following choppy trading on Wall Street that saw more losses as investors assess President Donald…
Asian shares retreated Friday following choppy trading on Wall Street that saw more losses as investors assess President Donald Trump’s order imposing new tariffs on 68 countries and the European Union starting in seven days.
Trump’s order, which pushed back the tariff deadline earlier set on Aug. 1, has injected a new dose of uncertainty in an already uncertain process.
Japan’s Nikkei 225 slid 0.4 % to 40,914.66 while South Korea’s Kospi tumbled 2.8% to 3,154.53.
Hong Kong’s Hang Seng index trimmed earlier losses, shedding 0.2% to 24,726.38, while the Shanghai Composite slipped 0.1% to 3,570.21.
Australia’s S&P ASX 200 shed 0.8% to 8,676.80, India’s BSE Sensex fell 0.4% to 81,185.58 and Taiwan’s TAIEX slid 0.4% to 23,453.56.
“US and European equity futures are pointing negative, Asian stocks are taking a beating and the DXY index is still rising,” Benjamin Picton, senior market strategist at Rabo Bank, said in a commentary about Trump’s new order updating reciprocal tariff rates.
“The USA is cherry-picking high value-add industry for its own economy while forcing trading partners to grant preferential market access for its exports and supply it with cheap imports.
