Asian stock markets sold off Thursday as countries in the region were among the worst hit by President Donald Trump’s reciprocal tariffs plan.
China, Japan, Vietnam, Taiwan and Cambodia were all targeted, featuring high up on the big board Trump displayed at the Rose Garden announcement. Cambodia’s 49% rate was the highest of any country, Vietnam goods will be hit with a 46% tariff, China 34%, Taiwan 32% and Japan 24%.
“Under the scheme, export-dependent Asia, led by China, fares the worst. Chinese imports not only face an additional 34% tariff, but a similar average 34% tariffs slapped on ASEAN (Southeast Asian countries) will close that region off as a back door for Chinese triangulation, notably of electronics,” TS Lombard chief U.S. economist Steven Blitz said.
