21 hours Ago
Asia-Pacific markets are poised to plunge on Thursday, after U.S. President Donald Trump imposed hefty reciprocal tariffs on over 180 countries and territories - several of which are in the region.
In charts posted on social media, the White House showed the effective tariff rates they claim other countries impose on American goods, including by The White House told CNBC's Eamon Javers on Wednesday that the new reciprocal rate on China will be added to existing tariffs totaling 20%, meaning the true tariff rate on Beijing under this Trump term is 54%. Meanwhile, goods from India, South Korea and Australia face tariffs of 26%, 25% and 10%, respectively. Australia's fell 1.
93% in early trade. Japan's benchmark was set to open lower, with the futures contract in Chicago at 34,475 while its counterpart in Osaka last traded at 34,830, against the index's last close of 35,725.87.
Futures for Hong Kong's stood at 23,094, pointing to a weaker open compared to the HSI's Wednesday close of 23,202.53. Gold prices hit a record high and were trading at $3,156.
75 per ounce as at 7.28 a.m.
Singapore time, as investors flocked to the precious metal. U.S.
as Trump's sweeping tariffs of at least 10% and even higher for some countries, raised the risks of a global trade war that would adversely affect the already slowing U.S. economy.
Overnight stateside, stocks climbed in yet another volatile session. The advanced 0.67% to close at 5,670.
97, while the added 0.87% and ended at 17,601.05.
The 30-stock added 235.36 points, or 0.56%, and settled at 42,225.
32. Shares of climbed 5.3%, rising on news that President Trump has signaled to his cabinet that Gold prices rose to another record high, lifted by developments in the trade war and geopolitical uncertainties.
on the Commodity Exchange hit $3,183.60 per ounce. The bullion is expected to have further room to run as global markets remain on edge, said analysts from Fitch Solutions' research unit, BMI.
"Gold remains boosted by escalating trade uncertainties, heightened geopolitical tensions, a weaker U.S. dollar, increasing central bank purchases, and rising risks of recession," said BMI analysts.
President and the White House laid out the U.S. rates that more than 180 countries and territories will face under his sweeping new trade policy.
In charts posted on social media, the White House shows the effective tariff rates they claim other countries impose on American goods, including by "currency manipulation and trade barriers." An adjacent column shows the new tariff rates the U.S.
will impose on each country or territory, including the European Union. The reciprocal rates are not necessarily the only U.S.
tariffs these countries will face. Trump held up the chart when he unveiled his tariff policy in the White House Rose Garden. — In addition to the sweeping country-by-country tariffs announced today, Trump also imposed a 10% baseline tariff that effectively ensures a tariff on any country that is not among the more than 180 singled out.
"All articles imported into the customs territory of the United States shall be, consistent with law, subject to an additional ad valorem rate of duty of 10%," unless otherwise noted, the executive order signed this afternoon reads. Trump also reserves the right to raise this baseline rate "should U.S.
manufacturing capacity and output continue to worsen." Read the whole executive order ..
