Most Asian stocks edged lower on Monday as investor sentiment weakened following U.S. President Donald Trump’s announcement of new tariffs targeting BRICS countries, adding further uncertainty to global trade dynamics.
Trump said the bloc—which includes India and China in Asia—will face a 10% tariff hike over what he termed “anti-American policies,” but stopped short of confirming the full scope or timeline for these levies.
President Trump, who had previously proposed tariffs ranging from 10% to 50%, said formal notices to affected countries will begin going out Monday, with implementation now set for August 1, pushed back from the original July 9 deadline.
Asian indexes saw moderate declines:
China’s Shanghai Composite: -0.1%
CSI 300: -0.4%
Hong Kong’s Hang Seng: -0.5%
India’s Gift Nifty 50 Futures: Flat to slightly negative
Japan’s Nikkei 225 and TOPIX: -0.5% each
South Korea’s KOSPI: Flat
Australia’s ASX 200: -0.1%
Despite some optimism over recent Sino-U.S. trade progress and Beijing’s additional stimulus announcements, regional equities remained under pressure.
U.S. markets, which had closed near record highs last week, reflected caution in the Asian session:
S&P 500 Futures: -0.4%
Even Apple (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA) supplier Hon Hai Precision’s record-breaking Q2 revenue failed to lift tech sentiment in Asia.
Australia’s ASX 200 hovered near recent highs as markets prepared for the Reserve Bank of Australia’s interest rate decision on Tuesday. A 25-basis point cut to 3.60% is widely expected, although analysts at Westpac noted it’s not guaranteed.
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While some trade negotiations with South Korea, India, and Japan continue at high levels, the lack of finalized deals and Trump’s renewed protectionist tone are unnerving investors in Asia. Until the exact terms of the tariffs are known, markets are likely to remain cautious.
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