AFP, Hong Kong :
Asian stocks fell Thursday as investors fretted over US-China tariffs due to kick in within hours and which threaten to plunge the world’s top two economies into an all-out trade war.
The US is set to begin enforcing tariffs on more than $34 billion in Chinese imports from Friday.
Beijing has vowed to respond with its own tariffs immediately, arguing it has “no choice but to fight” and accusing Washington of “opening fire on the whole world” with the trade restrictions.
But Washington has threatened to introduce even steeper US counter-measures, potentially covering another $400 billion in Chinese goods, if Beijing retaliates.
With a public holiday in US meaning no lead from Wall Street for anxious traders to follow, and amid ongoing concerns about the slowing Chinese economy, all eyes were on the looming tariff deadline and fears of escalation.
Hong Kong shares were trading down 0.5 percent, while Shanghai stocks closed at a two-year low after shedding 0.9 percent.
Asian stocks fell Thursday as investors fretted over US-China tariffs due to kick in within hours and which threaten to plunge the world’s top two economies into an all-out trade war.
The US is set to begin enforcing tariffs on more than $34 billion in Chinese imports from Friday.
Beijing has vowed to respond with its own tariffs immediately, arguing it has “no choice but to fight” and accusing Washington of “opening fire on the whole world” with the trade restrictions.
But Washington has threatened to introduce even steeper US counter-measures, potentially covering another $400 billion in Chinese goods, if Beijing retaliates.
With a public holiday in US meaning no lead from Wall Street for anxious traders to follow, and amid ongoing concerns about the slowing Chinese economy, all eyes were on the looming tariff deadline and fears of escalation.
Hong Kong shares were trading down 0.5 percent, while Shanghai stocks closed at a two-year low after shedding 0.9 percent.
