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Asia-Pacific markets dipped following Trump's new tariff announcement.
US to double steel tariffs to 50%, inflating trade tensions.
Investors are concerned that new tariffs would severely hurt Asian exporters.
Asia-Pacific markets finished lower on Tuesday following news that former US President Donald Trump plans to raise tariffs on imports of steel to 50%, the highest level, stoking new fears of global trade tensions. The measure, if implemented, would represent a sharp escalation of the war of rhetoric on trade.
Key indices in Japan, South Korea, and Australia declined, with steel, metals, and export-oriented companies being some of the most affected. Analysts are of the view that the proposed increase in tariffs will especially impact Asian steelmakers, who supply the lion's share of US steel imports.
Trump, in a campaign rally, defended the hike in tariffs as a measure to shield American industry from what he described as "unfair and shoddy exports" from China and others in the region. The move has shaken investor sentiment across Asia, already nervous about weakening global growth and escalating tensions in geopolitics.
Markets today wait for formal word and potential retaliation from impacted countries, adding to the pressure on world trade and manufacturing markets.
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