June 2 – Major Asian stock markets retreated today in response to U.S. President Donald Trump’s announcement to double tariffs on steel imports from 25% to 50%, a move aimed at safeguarding American industries. The new tariff rate is set to take effect from Wednesday.
Japan’s benchmark Nikkei index led the losses, falling by 1.3%. Hong Kong’s Hang Seng index also declined, shedding over 0.5%, while Singapore’s Straits Times index edged down by 0.1%. South Korea’s Kospi index ended the day largely unchanged. Markets in mainland China remained closed due to a public holiday.
In Europe, trading was mixed during intraday sessions. France’s CAC 40 dipped by more than 0.4%, Germany’s DAX slid over 0.2%, and London’s FTSE 100 hovered near the flatline at last report.
Investors worldwide are keeping a close watch on trade developments and potential retaliatory measures, which could further impact global market sentiment.
