Asian stock markets and the US dollar fell yesterday while gold rose, as the United States and China proposed trade tariffs against each other which raised fears of a long-drawn trade dispute.
The benchmark Straits Times Index fell as much as 2.7 per cent in intra-day trading before recovering slightly to end the day at 3,421.39, down 2 per cent, or 69.98 points. The Hang Seng Index in Hong Kong slipped 2.45 per cent, Japan's Nikkei slumped 4.51 per cent, while the Shanghai Shenzhen CSI 300 Index was down 2.87 per cent.
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