Asian stocks today: Markets dip after Trump’s 100% tariff threat to China; HSI falls over 9%, Shenzhen down over 340 points

Asian markets tumbled on Monday after US President Donald Trump escalated tensions with China, threatening last week to impose 100% tariffs on Chinese goods.Hong Kong’s HSI traded at 25,374, down 916 points or 3.49%. Shanghai and Shenzhen also dipped 1.3% and 2.56% respectively. Japan’s Nikkei also traded in red, reaching 48,088, shedding 491 points or 1.01%. Kospi, too followed the downward trajectoy, falling 1.66 points to 3,550 at 10:30 AM IST.Trump had posted on social media on Friday that he would levy an additional 100% tariff on China and warned he might cancel a summit with Xi. He cited Beijing’s export restrictions on rare earth minerals, which are used in smartphones, electric vehicles, and military hardware.The new US tariffs, along with export controls on “any and all critical software,” are set to take effect from November 1. Trump described Beijing’s actions as “extraordinarily aggressive” and said, “There is no way that China should be allowed to hold the World ‘captive’.”Currently, Chinese goods face 30% US tariffs, while Beijing’s retaliatory duties stand at 10%.The announcement sent Wall Street into a tailspin, with the Nasdaq dropping more than three percent. Investors were already cautious after a recent surge in tech stocks had raised fears of a market bubble.The latest tensions came after months of fragile peace between the two economic giants, who had been negotiating a full trade deal following Trump’s tariff announcements in April. That earlier round had led to escalating tit-for-tat levies.Meanwhile, Trump’s Sunday comments gave a small boost to US futures, which rose more than one percent.Gold, often seen as a safe-haven during uncertainty, continued to climb, hitting a new record of $4,060. Oil also bounced back after Friday’s slump, which had been worsened by Trump’s remarks and eased by news of the Israel-Hamas peace deal calming supply concerns.