Asian markets collapsed as a result of Trump's rates. Japan's prime minister plans a visit to the US
Asian markets collapsed on Monday, April 7, following the rates imposed by President Donald Trump and China's response, which in turn imposed taxes on American goods.
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Japan's Nikkei reference index decreased by more than 8% shortly after opening, while the Topix index was last traded with a decrease of over 6.5%, after partially recovered from the initial losses, according to CNN.
Japan's Prime Minister Sigheru Ishiba told Parliament that he would continue to ask the United States to reduce tariffs after Trump imposed 24% customs duties on Japanese goods.
Ishiba said he plans to pay a visit to the US “as soon”, where to convey that Japan “It does nothing unforgettable. “
In China, where the markets reopened following the public holidays, the Shanghai Composite index was last traded with a 6.7%decrease. The CSI300 index, which includes the top shares, lost 7.5%. In Hong Kong, the Hang Seng reference index opened with a decrease of over 9%.
In South Korea, the KOSPI index decreased by over 4.8% after opening, and the transactions were suspended for five minutes after activating a safety mechanism to prevent panic sales.
In Taiwan, the Taiex index fell 9.7% after opening months. Almost all actions in Taiwan, including those of TSMC or Foxconn, two of the most popular export engines of the island, have activated the safety mechanisms.
Taiwan's president, Lai Ching-Te, said on Sunday that his country will negotiate with the US to eliminate tariffs on both sides and to solve non-tariff commercial barriers. He added that Taiwan will buy more US products to reduce commercial deficit, and the island's Ministry of Defense has proposed a list of military purchases.
On April 4, the Chinese government has announced that it will impose 34% taxes for all imported goods in the United States, starting April 10, the announcement coming one day after Washington has imposed additional taxes of 34% to the Asian state.
“In front of the reckless tariff strokes of America, we know exactly what we have to do and we have many countermeasures. After eight years of commercial war with the US, we have accumulated a vast experience in this struggle.”according to a comment published Monday in People's Daily, the official press body of the Chinese Communist Party
On Sunday, Trump compared a stock market panic that occurred after imposing “a treatment” designed to cure the diseases of the American economy.
He assured his country is “much stronger“From the announcement made on Wednesday about these measures and stressed that the decrease of the markets was not a deliberate desire on his part.
“But I want to solve the deficit we have with China, the European Union and other countries“said Trump, adding:”I don't want any fall (on any market). But sometimes you have to take a treatment to heal', he said
