Asia markets were set to trade lower as the U.S.-China trade war intensified, after Beijing said it is suspending agricultural product purchases in response to Trump's new tariffs.
Futures pointed to declines in the Japanese market, with the Nikkei futures contract in Chicago at 19,990 and its counterpart in Osaka at 20,250. The benchmarkAustralian shares were also set to fall. The SPI futures contract was at 6,460.0, as compared to theThe Tuesday session in Asia was set to follow overnight declines on Wall Street, where the Dow Jones Industrial Average plunged more than 700 points, the S&P 500 dropped nearly 3% and the Nasdaq Composite fell 3.5%.
The Chinese Ministry of Commerce said Chinese companies have stopped purchasing American agricultural products in response to Trump's latest salvo and added it would "not rule out" tariffs on newly purchased agricultural goods after Aug. 3. For its part, China is one of the largest buyers of U.S. agriculture.
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