Asian stocks to drop as Trump floats more tariffs
Asian stocks are poised for early losses as the threat of a broader global trade war and geopolitical uncertainty continued to weigh on investors.
Shares in Australia dropped 1% shortly after opening Wednesday, with National Australia Bank Ltd. plunging by more than 8% after it announced a fall in earnings. Equity index futures for Hong Kong and Shanghai pointed to declines while contracts for Tokyo’s benchmark was little changed. That’s after a surge in chipmakers saw the S&P 500 edge higher and top its January record despite a slide in most big techs.
In early Asia hours, President Donald Trump threatened to impose tariffs on automobile, semiconductor and pharmaceutical imports of around 25%, with an announcement coming as soon as April 2.
“I probably will tell you that on April 2, but it’ll be in the neighborhood of 25%,” Trump told reporters Tuesday at his Mar-a-Lago club when asked about auto tariffs. On the drug imports, he said: “It’ll be 25% and higher, and it’ll go very substantially higher over a course of a year.”
Meanwhile, top officials from the US and Russia met for a first round of talks over the war in Ukraine and raised the possibility of broader cooperation.
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