HONG
KONG (AP) — Asian shares posted steep declines Friday, adding to global
stock market losses after President Donald Trump vowed to impose stiff
steel and aluminum tariffs, sparking fears of a trade war.
KEEPING
SCORE: Japan's benchmark Nikkei 225 lost 2.8 percent to 21,109.44 and
South Korea's Kospi slid 1.5 percent to 2,391.81. Hong Kong's Hang Seng
shed 1.8 percent to 30,489.57 and the Shanghai Composite in mainland
China fell 0.4 percent to 3,260.33. Australia's S&P/ASX 200 sank 1
percent to 5,914.00.
TARIFF
TROUBLE: Trump, who campaigned on an "America First" trade policy, told
industry executives he planned to levy penalties of 25 percent on
imported steel and 10 percent on aluminum imports. The tariffs would be
in place for "a long period of time," though it wasn't immediately clear
if certain trading partners would be exempt. The comments renewed
investor concerns that increasingly nationalistic governments will
impose barriers hurting the global economy and trade.
Source: Yahoo News
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