Asian shares retreat after Trump's order imposing new tariffs on 68 countries and the EU
Trump's order, which pushed back the tariff deadline earlier set on Aug. 1, has injected a new dose of uncertainty in an already uncertain process.
Japan's Nikkei 225 slid 0.4 % to 40,914.66 while South Korea's Kospi tumbled 2.8% to 3,154.53.
Hong Kong's Hang Seng index trimmed earlier losses, shedding 0.2% to 24,726.38, while the Shanghai Composite slipped 0.1% to 3,570.21.
Australia's S&P ASX 200 shed 0.8% to 8,676.80, India's BSE Sensex fell 0.4% to 81,185.58 and Taiwan's TAIEX slid 0.4% to 23,453.56.
'US and European equity futures are pointing negative, Asian stocks are taking a beating and the DXY index is still rising,' Benjamin Picton, senior market strategist at Rabo Bank, said in a commentary about Trump's new order updating reciprocal tariff rates.
'The USA is cherry-picking high value-add industry for its own economy while forcing trading partners to grant preferential market access for its exports and supply it with cheap imports. Make no mistake, this is imperial trade,' he added.
Mizuho Bank noted in 'somewhat a turn of the tables, Asia (and in particular Southeast Asia) which was harder hit post-'Liberation Day' now appear to be in a better position by virtue of tariffs differentials though intra-regional differences remain small.'
On Wall Street on Thursday, stocks capped the trading day with more losses after an early big tech rally faded and a health care sector pullback led the market lower.
The S&P 500 fell 0.4%, its third straight decline. The benchmark index, which is just below the record high it set Monday, notched a 2.2% gain for the month of July and is up 7.8% so far this year.
The Dow Jones Industrial Average lost 0.7% and the Nasdaq composite closed less than 0.1% lower.
Roughly 70% of stocks in the S&P 500 lost ground, with health care companies accounting for the biggest drag on the market.
Health care stocks sank after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. Eli Lilly & Co. fell 2.6%, UnitedHealth Group slid 6.2% and Bristol-Myers Squibb dropped 5.8%.
Gains by some big technology stocks with hefty values helped temper the impact of the broader market's decline.
Meta Platforms surged 11.3% after the parent company of Facebook and Instagram crushed Wall Street's sales and profit targets even as the company continues to pour billions of dollars into artificial intelligence.
Microsoft climbed 3.9% after posting better results than analysts expected. The software pioneer also gave investors an encouraging update on its Azure cloud computing platform, which is a centerpiece of the company's artificial intelligence efforts.
Monday Mornings
The latest local business news and a lookahead to the coming week.
Big Tech companies have regularly been the driving force behind much of the market's gains over enthusiasm for the future of artificial intelligence.
In other dealings Friday, U.S. benchmark crude oil lost 5 cents to $69.21 per barrel, while Brent crude, the international standard, shed 3 cents to $71.67 per barrel.
The U.S. dollar climbed to 150.68 Japanese yen from 150.67 yen. The euro rose to $1.1418 from $1.1421.
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Associated Press Business Writers Damian J. Troise and Alex Veiga contributed
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