Asia stocks fall as Trump's new tariffs take effect and weak china data; U.S. futures slip ahead of key jobs report
Main Idea
Asian shares declined due to new U.S. tariffs and disappointing economic data from China, increasing market caution.
Key Points
1. U.S. President Trump issued an executive order imposing new tariffs ranging from 10% to 41%, effective August 1.
2. A 40% tariff was also imposed on transshipped goods.
3. Disappointing economic data from China further contributed to market concerns.
4. Asian shares traded lower as a result of these developments.
Description
Asia shares in red on Friday following U.S. President Trump’s executive order on Thursday imposing new tariff rates ranging from 10% to 41%, effective August 1, along with a 40% tariff on transshipped goods, further fueling market caution. Disappointing economic data from China, also weighed on sentiment after factory activity in the mainland unexpectedly contracted in July. U.S. President Donald Trump has imposed a 19% tariff on exports from Malaysia to the U.S., lower than the 25% rate he init...
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