Stocks in Asia were mostly down Tuesday, after U.S. President Donald Trump imposed 25% tariffs on all U.S. imports of steel and aluminum. Hong Kong’s Hang Seng index and the Shanghai Composite were both down. Japan markets were closed for a national holiday.
Most nations miss deadline for plans to fight climate change.
Fear around tariffs has been at the center of Wall Street’s moves recently, and experts say the market likely has more swings ahead. The price of gold, which often rises when investors are feeling nervous, climbed again Monday to top $2,930 per ounce and set another record., like he did with 25% tariffs he had announced on Canada and Mexico, suggesting they may be merely a negotiating chip rather than a true long-term policy.
“Nonetheless, the reality is that US-China trade tensions are set to structurally ramp-up, even if a negotiated compromise is the end-game for Trump 2.0 tariffs,” Varathan added. In the bond market, the yield on the 10-year Treasury held steady at 4.50%, where it was late Friday. The yield on the two-year Treasury, which more closely tracks expectations for what the Federal Reserve will do with short-term interest rates, fell to 4.27% from 4.29%.
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