As the prospect of peace in Ukraine emerges, Donald Trump has ignited a trade conflict by imposing 25% tariffs on steel and aluminium imports, which take effect today. The European Union has retaliated with counter-tariffs on billions of pounds worth of U.S. goods.
However, the UK remains outside the scope of the EU’s retaliatory measures due to Brexit.
Asian shares were mixed on Wednesday as investors weighed the impact of President Donald Trump’s tariffs after another day of losses on Wall Street.
The US president’s escalation in his trade war briefly pulled the S&P 500 more than 10pc below its record set last month. The head-spinning moves came after Trump upped his tariffs against Canadian steel and aluminium, prompting the Canadian province of Ontario to remove a surcharge that had enraged him.
Japan’s benchmark Nikkei 225 gained 0.1pc to 36,819.09.
Hong Kong’s Hang Seng fell 1.1pc to 23,533.21, while the Shanghai Composite edged down nearly 0.2pc to 3,373.01.
Australia’s S&P/ASX 200 dropped 1.3pc tp 7,786.20. South Korea’s Kospi added 1.5pc to 2,574.82.
Wall Street suffered a choppy session yesterday, in which it briefly went 10pc below its latest record-high close. The S&P 500 finished down 0.8pc, at 5,572.07, while the Nasdaq Composite finished off 0.2pc down at 17,436.10. The Dow Jones Industrial Average lost 1.1pc, to close at 41,433.48.
In the bond market, the yield on benchmark 10-year US Treasury notes rose to 4.285pc from 4.190pc late on Monday.
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