A sign notifying customers that a store will stop selling U.S. liquor from Tuesday, in response to U.S. President Donald Trump's imposition of tariffs on Canada, is displayed on a shelf carrying U.S. alcohol in Winnipeg, Manitoba, Canada, February 2, 2025. REUTERS/Ed White
   
 

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People walk past stock index display outside the Taiwan Stock Exchange office in Taipei, Taiwan, on Monday. (Ritchie B Tongo/EPA-EFE/Shutterstock)

  Markets in Asia, Europe slide as Trump starts wielding tariffs

By Annabelle Timsit
3–4 minutes

Global stock markets fell upon opening Monday, and the U.S. dollar climbed, as investors braced for a potential trade war after President Donald Trump’s announcement of tariffs on goods from Canada, Mexico and China and as those countries prepare to retaliate.

In Asia, Taiwan’s Taiex dropped by 3.5 percent, Japan’s Nikkei index was down 2.7 percent, and South Korea’s Kopsi dropped 2.5 percent at market close. Hong Kong’s Hang Seng Index was down less than 0.1 percent after closing for three days for the Lunar New Year holiday; markets in mainland China remain closed on Monday.

European stocks also slipped in early trading Monday: As of midmorning, London’s FTSE 100 was down 1.3 percent, and the European Stoxx 600 was off by 1.4 percent. France’s CAC 40 was down 1.8 percent, and Germany’s DAX dropped 1.9 percent. Car manufacturers, tech companies and financial services firms were hit particularly hard. Trump told reporters late Sunday that he “definitely” planned to impose tariffs on imports from the European Union “soon.”

E.U. foreign policy chief Kaja Kallas said in response early Monday: “We were listening carefully to those words, and of course we are also preparing on our side.” Kallas said tariffs are bad for consumers and jobs, adding: “There are no winners in trade wars.”

U.S. futures were also down — including those tracking the tech-heavy Nasdaq — presaging a dip in U.S. stocks once markets open.

President Donald Trump on Jan. 31 said there was nothing China, Canada or Mexico could do to avoid tariffs as he promised to implement additional tariffs. (Video: The Washington Post)

The U.S. dollar climbed in offshore trading in comparison to the Chinese yuan, while the Mexican peso and Canadian dollar both tumbled, with the Canadian currency reaching levels not seen since 2003, according to Reuters.

Trump imposed a 25 percent tax on imports from Canada and Mexico on Saturday and a new 10 percent levy on products from China, targeting the United States’ three largest trading partners. The measures are set to take place early Tuesday.

On Sunday, Canada released a list of 1,256 U.S. goods to be hit with tariffs starting Tuesday, which include oranges and motorcycles. Mexican President Claudia Sheinbaum said her country will announce its first retaliatory measures on Monday morning. China’s Foreign Ministry criticized the new U.S. tariffs Sunday and said it would “take necessary countermeasures to defend its legitimate rights and interests.”

Analysts expected the tariffs to disrupt the economies of countries that export heavily to the United States and companies that have invested heavily in North America.

Tech companies were particularly affected in Monday’s market dips, after Trump said he planned to impose new tariffs on manufacturers of high-end computer chips and semiconductors.

Taiwan Semiconductor Manufacturing Co., the world’s largest maker of semiconductors and chips for AI-powered cars, smartphones and other consumer tech goods — which announced a major new investment last year in its manufacturing capacity in the United States — was down 5.3 percent midmorning, though it rallied and was up 0.6 percent by midafternoon.




 

 




 

                      

 
 

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