European futures also down more than 3% after Trump indicates tariffs will ‘definitely happen’ in EU countries
Trump tariffs spark retaliation from Mexico, China and Canada
Asian sharemarkets tumbled in early trade on Monday after the Trump administration’s imposition of tariffs on Mexico, Canada and China sparked fears of an escalating global trade war.
Taiwan’s Taiex fell 4.4% at the open, led by a more than 6% plunge in semiconductor heavyweight TSMC. Japan’s Topix index was down as much as 2.3% and Korea’s Kospi fell as much as 2.4%, led by major exporters with exposure to global markets, including Canada and Mexico such as electronics manufacturers Samsung and LG, and automaker Kia. China’s sharemarkets remain closed for the lunar new year holidays.
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