Asian stock markets tumble on Trump's additional tariffs
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photo: Collected
US President Donald Trump's tariffs on Canada, Mexico and China are affecting the stock markets of Hong Kong, Japan, South Korea, Taiwan and India.
Asian stock markets fell on Monday (February 3). After Trump's announcement of tariffs last Saturday, Hong Kong's Hang Seng index fell by 2 percent. Similarly, South Korea's stock market index fell by 3 percent, Japan's by 1.6 percent and India's by 0.81 percent.
Stock markets in Hong Kong, Japan, South Korea, Taiwan and India also fell on Monday. Analysts said that Trump's tariffs will have a negative impact on e-commerce or online businesses.
Trump's return to the White House has literally caused a storm around the world. He is issuing one executive order after another after returning to power. He is threatening to impose tariffs. In the meantime, tough tariffs have been announced on Canada, Mexico and China. The impact of this move has already started to be seen around the world.
The dollar has risen against other currencies in this competition for tariffs. Although analysts say that even if these tariffs do not cause a major blow to the US economy for the time being, in the months or years to come, it will destroy the US position in the global market which will also have a negative impact on their economy.