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Asian markets plunge as Trump threatens to hike China tariffs

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AFP Hong Kong
Last Updated : May 06 2019 | 8:30 AM IST

President Donald Trump sent Asian markets plunging Monday after threatening to hike tariffs on USD 200 billion of Chinese goods at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers.

Shanghai and Hong Kong equities led big losses across the region, with the Chinese yuan also taking a battering after the president threw a spanner into the high-level negotiations, which many observers were expecting to wrap up imminently.

"For 10 months, China has been paying Tariffs to the USA of 25 per cent on 50 Billion Dollars of High Tech, and 10 per cent on 200 Billion Dollars of other goods," Trump tweeted Sunday night.

"The 10 per cent will go up to 25 per cent on Friday."
"Despite US-China trade talks hitting an apparent impasse based on (the) tweet, I think a deal will be signed shortly."

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First Published: May 06 2019 | 8:30 AM IST

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