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10 September 2018, 05:38 | Kelvin Horton
Japan's Nikkei, which had opened lower, ended 0.3 percent higher after revised second-quarter gross domestic product data showed the world's third-biggest economy grew at its fastest pace since 2016. Such a step would significantly escalate his trade war with Beijing and would likely increase costs for a broad range of US businesses and consumers. Yes, it's misleading to say that the tariffs are being imposed "on China"-tariffs are import taxes paid by consumers, not by foreign producers-but being upfront about how tariffs will increase prices for Americans is a marked improvement over his months of denials, let alone his claim that "tariffs are the greatest".
Hong Kong stocks suffered the sharpest losses, falling 1.3 per cent, while Shanghai ended down 1.2 per cent with news that China's trade surplus with the United States hit a record in August - adding to concerns Trump will push ahead with the tariffs.
The tariffs are top of mind for Apple chief executive Tim Cook, who has personally lobbied Trump for months on issues of taxes and trade, even dining with the president and first lady Melania Trump at Trump National Golf Course in Bedminster, New Jersey, last month.
The tariffs, ranging from 5 percent to 25 percent, would apply to 5,207 products, and US actions will determine whether China adopts the additional duties, Beijing said at the time.
Ford has already announced it will eventually stop selling all passenger cars in the US except the Mustang, in favour of meeting Americans' appetite for large - and profitable - trucks and SUVs.
"Many EMs have broken ranges to trade at historically weak levels and investors will continue to monitor the sector closely with contagion fears still a major concern".
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