Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month.
Washington’s latest levies on imports from China took effect on Sunday and were followed by Beijing’s retaliation.
The measures are the latest in the long-running trade war between the world’s top two economies, which has rattled markets and hit growth across the globe.
Still, Trump said negotiators would meet this month to discuss the issue. “We are talking to China, the meeting is still on,” he told reporters. However, analysts warned there was unlikely to be any end in the near term. “After a rough August traders should buckle up for more volatility in September,” said Neil Wilson, chief market analyst at Markets.com. “Trade and tariffs continue to gnaw away at investor confidence.”
Tokyo and Sydney each ended 0.4 percent lower, while Singapore shed 0.8 percent, with Manila, Bangkok and Jakarta also down.
But Shanghai rose more than one percent after a better-than-expected reading on Chinese factory activity, though another index showed the sector remained in contraction and investors remain uncertain about the outlook as the trade war bites deeper. There were also gains in Seoul, Wellington and Taipei.—AFP