Asian markets tumble as Trump tariffs fan trade war fears
Hong Kong, (MILLAT ONLINE):Donald Trump’s controversial decision to slap tariffs on steel and aluminium imports sent Asian stocks plunging on Friday as the move fuelled fresh fears of a global trade war.
Traders, already on edge owing to worries about rising interest rates, followed their US counterparts in heading to the hills after the president imposed levies on the commodities as part of his “America First” policy.
The news, which was even opposed by elements inside the White House, was met with anger from key allies including the EU and Canada. China has previously warned it would be forced to act should Trump push through such measures.
The tycoon had campaigned on a protectionist platform, saying the US was being taken advantage of by other countries, and promised to throw up barriers to protect jobs at home.
And analysts said there could be more to come.