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The stock markets across Asia fell on Thursday after US President Donald Trump announced that they were livesting new rates on imports, which raised concerns about a possible global trade war and the economic fall that could follow.
Tokyo’s Nikkei 225 dropped as much as 4 percent in early trade before being down 34,675.97 2.9 percent on Thursday. South Korea’s Kospi dropped 1.5 percent, while Hong Kong’s Hang Seng fell 1.4 percent.
The Shanghai composition fell slightly by less than 0.1 percent, and ASX 200 from Australia was 1.3 percent lower.
India’s gift, Nifty futures has also indicated a poor start, suggesting that the Nifty 50 could open lower after the US slapped a 26 percent duty on Indian goods – one of the steepest among Washington trading partners.
The sale came after Mr. Trump imposed a baseline rate of 10 percent on all imports to the United States and was sharply higher duties on various key countries. China is facing a 64 percent joint rates when new and existing measures are counted, while Japan was hit by a 24 percent duty.
South Korea is charged 25 percent, and the European Union 20 percent. Taiwan and several countries in Southeast Asia, including Vietnam and Bangladesh, are also facing solid new import fines.
“That was the worst case the market expected,” Infrasters Capital Advisors CEO Jay Hatfield told Reuters. “It’s enough to send the US in a recession, which is why the future is so weak.”
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