TOKYO: Shares in Tokyo and Seoul fell more than 2 per cent in early trade on Monday (Feb 3) in response to US President Donald Trump’s sweeping trade tariffs on Canada, Mexico and China.
Tokyo’s benchmark Nikkei index fell 2.70 per cent or 1,067.17 points to 38,505.32, while the broader Topix index lost 2.47 per cent or 68.87 points to 2,719.79.
Japan’s drop in shares was led by automakers, with Toyota Motor and Honda Motor losing 4 per cent and 6 per cent respectively.
All of the Tokyo Stock Exchange’s 33 industry sub-indexes fell. The automaker index tumbled 4.8 per cent to become the worst performer.
Meanwhile, Seoul’s KOSPI index fell 2.15 per cent to 2,463 in early trade.
Wall Street shares slipped on Friday following the announcement that the United States would impose the new tariffs.
Trump on Saturday signed off on broad 25 per cent tariffs on Mexico and Canada – despite a regional free trade pact – while hitting China with a 10 per cent tariff in addition to levies already in place.
Ahead of the announcement, US equities were in the positive region in a cheery reaction to Apple results and US inflation data that met expectations.
