Asia-Pacific markets faced a rough day, with most indices dropping as worries about U.S. tariffs spread anxiety among investors.
In Japan, the Nikkei 225 index fell by 1.8%, ending at 37,120.33. That marks its lowest point in about two weeks. Similarly, the Topix index dropped 2.07%, closing at 2,757.25. South Korea didn’t fare much better, with the Kospi down 1.89% at 2,557.98 and the small-cap Kosdaq decreasing by 1.94%, finishing at 693.76.
Investors in Hong Kong were also affected, with the Hang Seng Index slipping 0.63%. In mainland China, the CSI 300 index declined by 0.44%, closing at 3,915.17.
Australia was a different story. The S&P/ASX 200 managed to gain 0.16%, closing at 7,982. The positive movement came as Prime Minister Anthony Albanese announced a national election set for May 3, launching a five-week campaign.
The cloud of uncertainty surrounding U.S. tariffs on automakers loomed large. President Trump’s earlier announcement about imposing 25% tariffs on all cars not made in the U.S. rattled the market, leading to a drop in automaker stocks. However, he later calmed some investor nerves by suggesting the tariffs might be “very lenient” and even hinted at lowering tariffs on China to negotiate a deal regarding TikTok.
Moreover, Trump warned that he might impose “far larger” duties on the European Union and Canada if they opposed his tariffs, further complicating the landscape for global trade.
In the U.S., the market also struggled. Major indices closed lower, with the Dow Jones falling by 155.09 points (0.37%), the S&P 500 losing 0.33%, and the Nasdaq down by 0.53%.
As concerns about tariffs remain, investors will be watching the markets closely. A recent survey indicated that 68% of businesses expressed uncertainty about their future due to the ongoing tariff discussions. This sentiment reflects broader apprehension in the market, as many feel the impact of trade policies on their operations.
In summary, the week has underscored the need for clarity in trade relationships. With major players like the U.S. and China involved, any shift in tariff policies has the potential to affect markets worldwide.
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