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Asian stocks skid, tracking Wall St loss on tariff fears
The Egyptian Gazette Published in The Egyptian Gazette on 02 - 03 - 2018

HONG KONG (News agencies) — Asian shares posted steep declines Friday, adding to global stock market losses after President Donald Trump vowed to impose stiff steel and aluminum tariffs, sparking fears of a trade war.

KEEPING SCORE: Japan's benchmark Nikkei 225 lost 2.2 percent to 21,257.13 and South Korea's Kospi slid 0.9 percent to 2,407.02. Hong Kong's Hang Seng shed 1.5 percent to 30,568.02 and the Shanghai Composite in mainland China fell 0.5 percent to 3,258.60. Australia's S&P/ASX 200 sank 0.7 percent to 5,932.00. Benchmarks in Taiwan and Southeast Asia also lost ground.

TARIFF TROUBLE: In his latest move to follow through on campaign promises of an "America First" trade policy, Trump told industry executives he planned to levy penalties of 25 percent on imported steel and 10 percent on aluminum imports. The tariffs would be in place for "a long period of time," though it wasn't immediately clear if certain trading partners would be exempt. The comments renewed investor concerns that increasingly nationalistic governments will impose barriers hurting the global economy and trade.

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