Asian equities and US stock index futures fell while the dollar and gold rallied in a sign of investor caution after President Donald Trump imposed 25% tariffs on all US imports of steel and aluminum.
A gauge of Asian equities dropped, weighed down by selling pressure for shares in Hong Kong, mainland China and Australia.
Japanese markets are closed. Contracts for the S&P 500 and Nasdaq 100 both declined, as did those for the region-wide Euro Stoxx 50.
Demand for haven assets pushed an index of the dollar higher for a third consecutive session. Gold rose above $2,940 briefly to set a new high.
The moves are the latest sign investors are struggling to distinguish threat from action within Trump’s tariffs, while also gauging the potential flow-on effects for global trade, corporate earnings and inflation.
While tariffs on China have gone into effect, uncertainty over more levies have sparked fresh concerns retaliatory measures will intensify a global trade war.
