TOKYO, April 11 — Continuing jitters about US tariffs hit Asian stocks in early trade today, with Japan’s Nikkei tumbling more than 5 per cent and gold hitting another record high.
In early trade the Nikkei 225 was off 5.4 per cent, having soared 9.1 per cent yesterday after US President Donald Trump paused many tariffs for 90 days.
Other markets also handed back many of their gains of the previous day, with the Kospi in Seoul off 1.64 per cent and Sydney down more than 2 per cent.
Oil and the dollar also slid on fears of a global slowdown in economic activity, while gold hit a new record.
Fellow safe-haven asset the yen also gained 0.9 per cent against the dollar today.
Trump maintained a 10 per cent blanket tariff on most countries.
But he paused plans for tariffs of 20 per cent on the European Union and even higher levies on multiple other trade partners including 24 per cent on Japan.
However, the levies on China, which has retaliated with tariffs on US good, were not only maintained but hiked further.
The White House yesterday clarified that levies on Chinese imports are now at a staggering total of 145 per cent.
“The sugar high from Trump’s tariff pause is fading fast, and Asia’s about to feel the comedown,” said Stephen Innes at SPI Asset Management. — AFP
