Asian bourses and greenback fall amid US-China trade spat

US President Donald Trump holding a signed presidential memorandum on US tariffs on Chinese imports, surrounded by business leaders and members of his administration, in the White House on Thursday. A trade war between the two economic giants will no
US President Donald Trump holding a signed presidential memorandum on US tariffs on Chinese imports, surrounded by business leaders and members of his administration, in the White House on Thursday. A trade war between the two economic giants will not be good, analysts said, noting that the US and China are Singapore's top two export markets.PHOTO: BLOOMBERG

Regional markets hit as tariffs row spooks investors, while safe haven asset gold rises

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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A version of this article appeared in the print edition of The Straits Times on March 24, 2018, with the headline 'Asian bourses and greenback fall amid US-China trade spat'. Print Edition | Subscribe