Stocks in Asia were set to fall on Friday after U.S. President Donald Trump announced overnight that fresh tariffs on Chinese goods will be slapped with effect from Sept. 1.
Xi Jinping
"It is unclear what caused Trump's latest intensification of the trade war," Tapas Strickland, an economist at National Australia Bank, wrote in a morning note. "Worryingly though for the global economy it appears Trump has gone all in and is hoping that China buckles under the pressure and caves to US demands."
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