Asian markets fall amid Trump’s tax risks
Date
11/26/2024 4:35:52 AM
(MENAFN) Asian Stocks declined on Tuesday after US President-elect Donald Trump’s threat to rise trade taxes on China and other nations, sparking worries of a trade conflict.
Trump declared on Truth Social that he seeks to enforce a 10 percent tax on Chinese products and a 25 percent tax on goods from Mexico and Canada to resolve wider security challenges.
The markets had increased previously on news of Scott Bessent’s nomination as Treasury Secretary, seen as a more reasonable voice on trade taxes. Investors wish he will support Wall Street interests in Washington.
Japan’s NIKKEI 225 and TOPIX indexes dropped by 1.2 percent and 1.3 percent, respectively, whereas South Korea’s KOSPI decreased by 0.6 percent.
Thailand’s SET Index dropped down by 0.2 per cent, and Indian markets were poised for a weak start, with Nifty 50 futures reflecting a negative open.
Adani Group stocks remained experiencing pressure after allegations of fraud. Australia’s S&P/ASX 200 index fell 0.4 per cent following hitting a record high the prior day.
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