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Asia markets slide as Trump confirms tariffs on Mexico, Canada, and China

by admin February 28, 2025
February 28, 2025
Asia markets slide as Trump confirms tariffs on Mexico, Canada, and China

Asian stock markets tumbled on Friday after US President Donald Trump confirmed tariffs on Mexico, Canada, and China, rattling investor sentiment.

The announcement, which marks a renewed escalation in trade tensions, sent key Asia-Pacific indexes lower, mirroring losses on Wall Street overnight.

Bitcoin also declined, extending its losses from recent highs.

Japan’s Nikkei 225 dropped 0.9%, while the Topix fell 0.68% in early trading. South Korea’s Kospi tumbled 1.54%, with the Kosdaq down 1.69%.

Hong Kong’s Hang Seng Index lost 1.14%, while Australia’s S&P/ASX 200 slipped 0.86%.

China’s CSI 300 remained largely flat as investors assessed the potential impact of additional US trade measures.

Meanwhile, Bitcoin dropped 1.79% to $82,811.12, marking a nearly 25% decline from its record high in January, as risk-off sentiment spread across markets.

Trump’s tariffs heighten trade tensions

On Thursday, Trump confirmed that his postponed 25% tariffs on Canada and Mexico would take effect on March 4, citing a lack of progress in stopping the flow of illicit drugs into the US.

In addition, he announced a 10% tariff increase on Chinese imports, which will take the total duty on affected goods to 20%.

This renewed trade uncertainty weighed heavily on US markets, with all three major indexes closing lower.

The S&P 500 fell 1.59% to 5,861.57, extending its weekly losses.

The Nasdaq Composite tumbled 2.78% to 18,544.42, dragged down by an 8.5% drop in Nvidia, while the Dow Jones Industrial Average shed 193.62 points (0.45%) to close at 43,239.50.

The prospect of escalating tariffs has fueled concerns over rising inflation, global supply chain disruptions, and potential retaliation from China.

Beijing has yet to respond, but analysts warn that increased trade barriers could further strain relations between the world’s two largest economies.

Japan retail sales rise, but inflation slows

Despite market turmoil, Japan’s retail sales posted their strongest growth in nearly a year, rising 3.9% year-on-year in January.

This was slightly below economists’ expectations of 4% but surpassed December’s 3.5% gain.

Fuel sales led the growth, climbing 8.7% year-on-year, reflecting higher energy prices.

Meanwhile, Tokyo’s core inflation slowed to 2.2% in February, slightly below Reuters’ forecast of 2.3%.

While still above the Bank of Japan’s 2% target, the data suggests moderating price pressures, which could influence the central bank’s future policy decisions.

With US-China trade tensions escalating and global inflationary risks persisting, investors remain cautious.

Markets will be watching for China’s potential retaliatory measures and any signals from the Federal Reserve on how it plans to navigate these economic uncertainties.

The post Asia markets slide as Trump confirms tariffs on Mexico, Canada, and China appeared first on Invezz

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