Japan is the next target in Trump trade war
Trump's tariffs on China, Mexico and Canada have left businesses around the world reeling. Now, whispers of further tariffs on Japan's export-reliant economy have triggered companies to stockpile or, alternatively, shift whole supply chains away from the US. Eloise Feilden reports. The post Japan is the next target in Trump trade war appeared first on The Drinks Business.
Trump's trade war with China, Mexico and Canada has left businesses around the world reeling. Now, whispers of further tariffs on Japan's export-reliant economy have triggered companies to stockpile or, alternatively, shift whole supply chains away from the US. Eloise Feilden reports.
Trump's long-threatened 25% tariffs against Canada and Mexico came into effect on Tuesday in Washington DC.
As did the new 10% levy against China, swiftly followed by the People's Republic retaliating with its own counter measures.
In a statement on 3 March, China's Ministry of Finance said it would bring in "additional tariffs" on a selection of US imports. China's reaction includes 10-15% import tariffs on some US agricultural goods from March 10 and a series of new export restrictions for designated US entities.
Alcoholic drinks are not on the list of goods now directly impacted by either set of tariffs, but businesses across Asia are likely to feel the full force of the trade war.
On Tuesday, as tariffs were announced, the stock market in Asia was nervous as investors braced for the long-awaited tariffs to take effect.
Japan's Nikkei 225 was down more than 1.8% on Tuesday, the sharpest decline in the region. Hong Kong's Hang Seng Index and Australia's ASX 200 were both lower by about 0.8%, and South Korea's Kospi was mostly trading flat.
In Hong Kong, authorities are questioning whether US tariffs imposed on China impact the administrative region. Secretary for Commerce and Economic Development Algernon Yau Ying-wah also said on Tuesday that authorities were studying whether Trump’s order to impose an additional 10% tariff on Chinese imports included Hong Kong.
Trump's long-threatened 25% tariffs against Canada and Mexico came into effect on Tuesday in Washington DC.
As did the new 10% levy against China, swiftly followed by the People's Republic retaliating with its own counter measures.
In a statement on 3 March, China's Ministry of Finance said it would bring in "additional tariffs" on a selection of US imports. China's reaction includes 10-15% import tariffs on some US agricultural goods from March 10 and a series of new export restrictions for designated US entities.
Alcoholic drinks are not on the list of goods now directly impacted by either set of tariffs, but businesses across Asia are likely to feel the full force of the trade war.
On Tuesday, as tariffs were announced, the stock market in Asia was nervous as investors braced for the long-awaited tariffs to take effect.
Japan's Nikkei 225 was down more than 1.8% on Tuesday, the sharpest decline in the region. Hong Kong's Hang Seng Index and Australia's ASX 200 were both lower by about 0.8%, and South Korea's Kospi was mostly trading flat.
In Hong Kong, authorities are questioning whether US tariffs imposed on China impact the administrative region. Secretary for Commerce and Economic Development Algernon Yau Ying-wah also said on Tuesday that authorities were studying whether Trump’s order to impose an additional 10% tariff on Chinese imports included Hong Kong.
