Asian markets tumbled on Tuesday, mirroring a sharp selloff on Wall Street, after U.S. President Donald Trump confirmed that 25% tariffs on Mexico and Canada would take effect later in the day and signed an order raising tariffs on Chinese goods to 20%.
\ud83d\udd3b Japan’s Nikkei 225 fell 1.9%, with the TOPIX index down 1.3% as of 02:40 GMT.
\ud83d\udd3b Hong Kong’s Hang Seng declined 1.4%, giving up gains from the previous session.
\ud83d\udd3b Indonesia’s Jakarta Composite Index lost 1.1%, while Singapore’s Straits Times Index slipped 0.4%.
\ud83d\udd3b Futures for India’s Nifty 50 pointed to a weak opening.
\ud83d\udd39 South Korea’s KOSPI remained flat, reopening after a holiday.
The tariff hikes have heightened trade uncertainty, disrupted supply chains, and weakened export demand, putting further strain on global economic growth.
\ud83d\udd39 China vowed countermeasures against the latest tariffs, while Canada is preparing its own retaliation.
\ud83d\udd39 Analysts warn that the escalating trade dispute could dent corporate earnings and slow down manufacturing activity in export-reliant Asian economies.
\ud83c\udde6\ud83c\uddfa Retail Sales: January retail sales in Australia grew 0.3%, rebounding from a 0.1% decline in December, driven by higher spending in food services.
\ud83c\udde6\ud83c\uddfa RBA Meeting Minutes: The Reserve Bank of Australia (RBA) released its February meeting minutes, confirming a 0.25% rate cut to 4.10% due to slower wage growth and easing inflation. The central bank remains cautious about further rate adjustments, signaling data-driven policy decisions moving forward.
\ud83d\udcc9 Australia’s S&P/ASX 200 index fell 0.9% on the news.
China’s annual "Two Sessions" meetings—comprising the Chinese People’s Political Consultative Conference (CPPCC) and the National People’s Congress (NPC)—commence this week.
\ud83d\udccc The NPC is expected to set a 5% GDP growth target, with discussions focused on:
Investors will closely monitor policy announcements for potential stimulus measures to offset economic headwinds.
With global trade tensions intensifying, market volatility is likely to persist. Investors tracking economic shifts can leverage the Economic Calendar API for real-time data on key financial events.
