Asian stocks fell the most in three weeks as US President Donald Trump’s decision to go ahead with tariffs on Canada and Mexico and order curbs on Chinese investment damped risk appetite.
Shares fell across the region with some of the biggest declines in Japan, Taiwan and Hong Kong. Treasury 10-year yields dropped three basis points to 4.4% in Asia, after gold climbed to a record Monday on demand for havens.
Bitcoin, seen as a so-called “Trump trade,” slipped with other crypto currencies. Trump said tariffs scheduled to hit Canada and Mexico next month were “on time” and “moving along very rapidly” following an initial delay.
Sentiment in the broader market also soured after the president told a government committee to curb Chinese spending on tech, energy and other strategic American sectors.
“There’s just so much uncertainty in the market and it’s so hard for Asian investors to know what the end game is,” Jessica Jones, head of Asia at PGIM Investments, said in a Bloomberg TV interview.
