Asian Markets Wobble as Trump Announces New Tariffs Amid Economic Data Insights
Asian share markets faced instability as U.S. President Trump revealed new tariffs on imported goods, coinciding with robust economic data that tempered rate cut expectations. This led to declines in Japan's Topix and Australia's biotech shares while causing fluctuations in futures markets and influencing currency and commodity movements.
Asian markets experienced instability on Friday following a new round of tariffs announced by U.S. President Donald Trump, alongside solid economic data that reduced expectations for U.S. rate cuts. Major Asian indexes saw declines, contributing to a volatile environment for risk assets.
Trump's planned tariffs, set to take effect from October 1, include 100% duties on branded drugs and various percentages on trucks, cabinets, and furniture. The announcement hit Japan's pharmaceutical index and Australia's biotech shares, with broader consequences on futures markets.
The U.S. economic data showcased durability, influencing currency fluctuations as traders moderated rate cut expectations. The dollar strengthened, impacting global currencies, while oil prices edged higher after Trump's remarks on potential changes in U.S. sanctions on Turkey.
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