Economic news

Asian shares drop amid fresh U.S. tariffs on China imports

A broadly selling in Chinese markets hit Asian shares on Wednesday after the U.S. said it would slap tariffs on a further $200 billion of Chinese imports.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slumped 1.1 percent. The index had surged for the past two days.

Hong Kong’s Hang Seng dipped 1.5 percent and the Shanghai Composite Index fell 1.8 percent.

South Korea’s KOSPI sank 0.55 percent and Japan’s Nikkei was down 1 percent. Australian stocks narrowed their declines to less than 1 percent.

The U.S. announced it was aiming to impose tariffs on a further $200 billion of Chinese imports. The list of Chinese products facing new 10% tariffs as the U.S. fired another shot in a full-scale trade war with China.

Crude prices fell following the United States step with the global benchmark Brent slid 0.8 percent to $78.22 per barrel.

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