Stock market today: Asian shares slip as worries grow about Trump's tariffs
abcnews.go.comAsia shares are mostly declining as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners
TOKYO — Asia shares mostly fell in Monday trading as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners.
Japan's benchmark Nikkei 225 lost 2.7% to finish at 38,520.09. Australia's S&P/ASX 200 declined 1.8% to 8,379.40. South Korea's Kospi dropped 2.5% to 2,453.95. Hong Kong's Hang Seng dipped 0.3% to 20,160.42, while trading was closed in Shanghai for a holiday.
Analysts said Asian markets were bracing for volatility set off by a possible trade war escalation.
“The implications for trade restrictions could result in reduced global trade flows, supply chain shifts which could mean higher costs for businesses, and higher inflation,” said Yeap Jun Rong, market strategist at IG.
Wall Street ended last week lower, with the S&P 500 falling 0.5%. The Nasdaq composite dropped 0.3%. The indexes posted their first weekly loss in three weeks. The Dow Jones Industrial Average fell 0.8%.
The selling in New York was broad, with about 75% of the stocks in the S&P 500 closing lower. Technology and energy companies accounted for a large share of the decline.
Investors have been jolted by a report from a Chinese upstart, DeepSeek about developing a cheaper large language model that can complete globally. The disruption raised questions about whether all the investment expected for AI chips is really needed, sending some technology shares tumbling.
Trump’s 25% tariffs on most imports from Canada and Mexico and 10% tariffs on goods from China are to take effect Tuesday. His administration has not said what specific improvements would need to be seen in stopping illegal
Read more on abcnews.go.com
