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Asian markets dive as Trump kicks off trade war

Stock markets in Hong Kong, Japan and South Korea fell as US prepares tariffs on Canada, China and Mexico.

Asian stock markets have dived over fears of a global trade war as the United States prepares to impose trade tariffs.

Indices retreated in Hong Kong, Japan and South Korea by about 2 percent as they opened on Monday, after US President Donald Trump confirmed he would impose sweeping tariffs on Canada, China, and Mexico.

The mainland China market was shut for Lunar New Year holidays, but its currency, the yuan, dropped 0.4 percent to the dollar.

The US tariffs, set to go into effect on Tuesday, impose a 25 percent tax on all imports from Canada – except for energy – and Mexico, as well as a 10 percent levy on goods from China.

Though widely expected, the dramatic trade move hailed by Trump threatens some of the world’s biggest manufacturers, who will likely have to contend with weakening demand from the world’s top economy and a downturn in global growth.

Automakers, many of whom have operations in Mexico from which they export to the US, were among the hardest hit. Toyota, the world’s top automaker, and smaller rival Nissan fell more than 5 percent. South Korea’s Kia Motors, which has a factory in Mexico, tumbled more than 7 percent.

Shares of Taiwanese tech companies with factories in Mexico also fell, with Foxconn down 8 percent, Quanta down about 10 percent and Inventec down 8 percent.

“I don’t believe market participants have fully grasped the extent of the potential fallout yet, especially as responses from affected countries unfold,” said Tareck Horchani, head of prime brokerage dealing at Maybank Securities in Singapore.

US markets are unlikely to be spared the pain. US stock futures fell more than 2

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