Most Asian stocks fell on Tuesday after US President-elect Donald Trump threatened to impose additional trade tariffs on China and other countries, raising concerns about a renewed trade war.
Trump said on his social network Truth Social that he would impose additional tariffs of 10% on goods from China and 25% on all products from Mexico and Canada and claimed that this measure is aimed at reducing the flow of immigrants and illegal drugs across the US border.
Stock indices rose in the previous session, as sentiment was boosted by Trump’s nomination of prominent investor Scott Besent as Treasury Secretary. Besant is seen as holding a more moderate view on trade tariffs, and investors see him as a voice for Wall Street in Washington.
Wall Street indexes hit record highs on Monday, while US stock index futures were subdued in Asian trading, capping initial gains after Trump threatened tariffs.
