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Asian Shares Mostly Lower on Negative Trade Developments

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The major Asia Pacific stock indexes fell Tuesday following renewed concerns over slower global growth. The catalysts behind the selling pressure were negative trade developments overnight, fueled by U.S. President Donald Trumps decision to reinstate tariffs on U.S. steel and aluminum imports from Brazil and Argentina. Shares in Australia posted the biggest loss with its major index dropping more than 2%.

At 06:46 GMT, JapansNikkei 225 Indexis trading 23379.81, down 149.69 or -0.64%. Hong Kongs Hang Seng Index is at 26384.05, down 60.67 or -0.23% and South Koreas KOSPI Index is trading 2084.23, down 7.69 or -0.37%.

In China, the Shanghai Index is trading 2880.04, up 4.23 or +0.15%. Australias S&P/ASX 200 Index closed at 6712.30, down 150.00 or -2.19%.

Escalating Trade Fears

U.S. President Donald Trumps decision to restore tariffs on Brazil and Argentina metal imports is raising new trade tensions and shaking up the global equity markets early Tuesday. The U.S. Trade Representative also said on Monday that it could slap tariffs of up to 100% on certain French products.

President Trump said in a tweet on Monday: Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries.

The article was written by FX Empire's James Hyerczyk, for the full version:

https://www.fxempire.com/news/article/asian-shares-mostly-lower-on-negative-trade-developments-aussie-market-plunges-more-than-2-616981

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