Asia-Pacific markets were mostly lower Monday after President Donald Trump told U.S. steelworkers that he will double tariffs on steel imports to 50%, effective from Wednesday.
In Japan, the Nikkei 225 tumbled 494.43 points, or 1.3%, to 37,470.67.
In Hong Kong, the Hang Seng dumped 131.8 points, or 0.6%, to 23,157,97.
Trump also posted on Truth Social that the steel tariffs will start on June 4.
Markets in South Korea rose in anticipation of tomorrow’s presidential elections.
In other markets
Markets in Shanghai and New Zealand were closed for holiday.
In Korea, the Kospi index edged higher 1.3 points, or 0.1%, to 2,698.97.
In Taiwan, markets returned from a long weekend to ditch 344.59 points, or 1.6%, to 21,002.71.
In Singapore, the Straits Times index decreased 4.02 points, or 0.1%, to 3,890.59
In Australia, the ASX 200 sank 20.63 points, or 0.2%, to 8,414.07
