Asian markets traded lower on Friday, following overnight sell-off on Wall Street as trade war tensions between US and China escalated and fueled risk-off mood. Japan’s Nikkei share average led the losses in the region with a steel cut of over 5%.
Japan’s Nikkei 225 plunged 5.46%, while the Topix tanked 5.05%. South Korea’s Kospi declined 1.55% and the Kosdaq dropped 0.11%. Hong Kong’s Hang Seng index futures indicated a lower opening.
US President Donald Trump paused reciprocal tariffs for 90 days for those countries that didn’t retaliate, while increasing tariffs on China. The cumulative tariff rate on China now would be 145%, the White House confirmed.
Overnight, the US stock market slumped, with the three major averages closing sharply lower. The Dow Jones Industrial Average plunged 2.50%, the S&P 500 cracked 3.46%, and the Nasdaq Composite crashed 4.31%.
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