AFP, Hong Kong :
Most Asian markets were mixed on Tuesday after Donald Trump confirmed he will thump China with another round of tariffs, turning up the heat on the trade battle between the world’s two biggest economies.
Investors had been unloading stocks on Monday after reports the president would press ahead with his fight against what he calls Beijing’s unfair practices.
The latest volley from the White House will see $200 billion worth of goods taxed at 10 percent from September 24, going up to 25 percent from January 1 if the sides are unable to hammer out a deal. He also said he had lined up another $257 billion of imports if Beijing retaliates, as it is expected to do.
That would mean with $50 billion of goods already being hit, Trump will have subjected virtually all goods China ships to the US to tariffs. Expectations of the announcement sent US markets lower, with technology firms among the big losers. Apple, Google parent Alphabet and Facebook were all sharply down.
However, the tariffs had largely been expected and some key import items had been left off the list of targets but dealers continue to worry, as the chances of an all-out trade war grow.
“It appears that the administration responded to some industry concerns, but for many American businesses and consumers this still represents a rapid acceleration of costs and much higher uncertainty,” Rufus Yerxa, president of the National Foreign Trade Council, told Bloomberg News.
