{"id":69071,"date":"2025-02-03T18:26:07","date_gmt":"2025-02-03T07:26:07","guid":{"rendered":"https:\/\/www.icmarkets-vni.com\/blog\/?p=69071"},"modified":"2025-08-06T16:21:22","modified_gmt":"2025-08-06T06:21:22","slug":"monday-3rd-february-2025-asia-pacific-markets-slide-as-u-s-imposes-new-tariffs-on-canada-mexico-and-china","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/monday-3rd-february-2025-asia-pacific-markets-slide-as-u-s-imposes-new-tariffs-on-canada-mexico-and-china\/","title":{"rendered":"Monday 3rd February 2025: Asia-Pacific Markets Slide as U.S. Imposes New Tariffs on Canada, Mexico, and China"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei down 2.69%, Shanghai Composite down 0.06%, Hang Seng down 0.38% ASX down 1.65%<\/li>\n\n\n\n<li>Commodities : Gold at $2817.35 (-0.43%), Silver at $32.05 (-0.68%), Brent Oil at $76.59 (1.59%), WTI Oil at $74.14 (2.13%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.536, UK 10-year yield at 4.5340, Germany 10-year yield at 2.458<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">News &amp; Data:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(CAD) GDP m\/m&nbsp; -0.2% vs -0.1% expected<\/li>\n\n\n\n<li>(USD) Core PCE Price Index m\/m&nbsp; 0.2 to 0.2 expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets opened lower on Monday following U.S. President Donald Trump\u2019s decision to impose tariffs on Canada, Mexico, and China over the weekend. Australia\u2019s S&amp;P\/ASX 200 declined 1.61%, while Japan\u2019s Nikkei 225 and Topix lost 1.99% and 1.87%, respectively. South Korea\u2019s Kospi fell 2.52%, and the Kosdaq dropped 2.79%. Hong Kong\u2019s Hang Seng Index opened 1.23% lower.<\/p>\n\n\n\n<p>In India, the Nifty 50 slipped 0.69%, and the Sensex fell 0.88% at the open. Over the weekend, India\u2019s Union Budget introduced major income tax relief for the middle class and pledged to reduce the fiscal deficit to 4.4% of GDP for the next financial year, down from the revised 4.8%. Meanwhile, Chinese markets remained closed for the Lunar New Year holiday. Later in the day, China\u2019s Caixin\/S&amp;P Global services PMI data is set for release, with forecasts estimating a reading of 50.5, according to a Reuters poll.<\/p>\n\n\n\n<p>On Saturday, Trump signed an order implementing a 25% tariff on imports from Mexico and Canada and a 10% tariff on Chinese goods. Canadian energy exports, however, will face a reduced 10% tariff. These tariffs are set to take effect on Tuesday. The U.S. engages in approximately $1.6 trillion in annual trade with these three nations, making the new tariffs a significant policy shift.<\/p>\n\n\n\n<p>On Wall Street, stocks closed lower Friday. The S&amp;P 500 fell 0.50% to 6,040.53, while the Dow Jones Industrial Average dropped 337.47 points (0.75%) to 44,544.66, weighed down by a decline in Chevron. The tech-heavy Nasdaq Composite also ended the session lower.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>02:45 PM GMT &#8211; USD ISM Manufacturing PMI<\/li>\n\n\n\n<li>03:00 PM GMT &#8211; USD ISM Manufacturing Prices<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets opened lower [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":71231,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-69071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/69071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/comments?post=69071"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/69071\/revisions"}],"predecessor-version":[{"id":69076,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/69071\/revisions\/69076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media\/71231"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media?parent=69071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=69071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=69071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}