US Tariffs Impact Asia-Pacific Markets

As the United States enforces new tariffs on imports from China, Canada, and Mexico, Asia-Pacific markets have shown mixed reactions. The immediate effects of these tariffs have led to a volatile trading environment, with countries swiftly announcing their countermeasures.

China and Canada's Retaliation

In response to the US tariffs, China and Canada have unveiled their retaliation strategies. China is set to impose tariffs ranging from 10% to 15% on a variety of US agricultural products, including chicken, wheat, and soybeans, starting March 10. This move is expected to significantly impact trade relations between the two economic giants.

Market Performance Across the Region

Japan's Nikkei 225 experienced a notable decline, dropping by 1.37%, while Australia's S&P/ASX 200 closed down by 0.58%. Conversely, South Korea's Kospi remained stable, and China's Shenzhen and Shanghai Composites saw modest gains. The Hong Kong Hang Seng, however, fell by 0.31%.

Currency Market Stability

Amidst these developments, the dollar remained steady against the Japanese yen, trading at ¥149.2870. This stability in the currency market suggests a cautious approach by investors as they navigate through the uncertainties brought about by the new tariffs.