“After such a run, selling on the open won’t necessarily surprise, and we see clear buying exhaustion in the trend,” Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note. “That said, there is a change in sentiment towards China’s asset markets underway, and this rally is fully justified, and where pullbacks should be shallow.”
Shares in Baidu Inc. declined as much as 7.3% in Hong Kong after the company announced a drop in revenue. In Australia, National Australia Bank Ltd. slid more than 8% on a drop in earnings.
Trump’s announcement of the new duties, expected to come as soon as April 2, would widen the president’s trade war if implemented. His previously announced 25% tariffs on steel and aluminum are set to come in March. Tuesday’s comments are his most detailed yet in specifying other sectors that would be hit with fresh barriers.
“I probably will tell you that on April 2, but it’ll be in the neighborhood of 25%,” Trump told reporters Tuesday at his Mar-a-Lago club when asked about auto tariffs. On the drug imports, he said: “It’ll be 25% and higher, and it’ll go very substantially higher over a course of a year.”
