Fresh U.S.-China tariff war volleys pressured Asian shares on Tuesday, but comme...
SHANGHAI - Fresh U.S.-China tariff war volleys pressured Asian shares on Tuesday, but comments from U.S. President Donald Trump that he expects trade negotiations to be successful aided sentiment.
Prakash Sakpal, Asia economist at ING in Singapore, said Monday’s volatility showed how a “180-degree” turn in U.S. rhetoric on trade negotiations had spooked markets. “Furthermore, as there isn’t a clear schedule for meetings between Chinese and U.S. negotiators, markets are likely to be more volatile.”
On Monday, the Dow Jones Industrial Average fell 2.38% to 25,324.99, the S&P 500 lost 2.41% to 2,811.87 and the Nasdaq Composite dropped 3.41% to 7,647.02. On Monday, some traders were concerned that China, the largest foreign U.S. creditor, could dump Treasuries to counter the Trump administration’s hardening trade stance. But most analysts downplayed such a possibility.
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