Markets Tumble as Tariffs Trump Tech Optimism – Asia Market Wrap
A global stock selloff extended to a sixth day – the longest losing streak since September 2023 – as President Donald Trump announced new tariff rates and two days of solid megacap tech earnings failed to lift sentiment.
The MSCI All Country World Index slid 0.1%, while a regional stock gauge for Asia also fell for a sixth straight session – its longest losing streak this year. South Korean shares slumped 3.4%. Contracts for the S&P 500 fell 0.2% and those for Europe declined 0.4%. Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US.
The dollar traded steady on Friday after posting its first monthly gain since Trump took office in January. The Taiwan dollar fell for a seventh consecutive day, the longest losing streak since June 2023, as the island got a 20% tariff rate. The Swiss franc edged lower after Trump put a 39% levy on the country’s exports to the US.
The moves signaled that concerns over tariffs and economic growth were starting to outweigh the AI-driven optimism that has buoyed megacap tech stocks. While artificial intelligence remains a pillar of long-term bullishness, investors are bracing for potential trade disruptions as the US and key partners weigh new levies.
