Asian shares slid on Monday after US President Donald Trump followed through on his promise to impose tariffs on Canada, Mexico, and China.
Hong Kong’s Hang Seng Index was down 0.4%, Japan’s Nikkei 225 was 2.6% lower, South Korea’s Kospi tumbled 2.5% and Australia’s ASX 200 fell 1.8%.
Markets in mainland China remained closed for the Lunar New Year holiday.
Meanwhile, the US dollar was showing strength, rising to a record high against China’s yuan, while the Canadian dollar plunged to its lowest level since 2003.
The tariffs announced by the Trump administration over the weekend target the United States’ three largest trading partners and the US president has threatened he might not stop there.
Trump has also vowed to impose tariffs on the European Union “pretty soon”.
Trump has said he will speak to Canada and Mexico’s leaders on Monday about the tariffs which are due to come into effect at midnight on Tuesday.
