HONG KONG: Asian markets slipped on Tuesday as global trade uncertainty returned to the fore after the United States reimposed tariffs on Argentina and Brazil, threatened steep levies against France and warned China of new measures if ongoing talks are not successful.
Sparkling wine, yoghurt and Roquefort cheese could be hit as soon as next month, while US Trade Representative Robert Lighthizer warned his office was also considering similar moves against Austria, Italy, and Turkey.
Tokyo ended 0.6 per cent lower, Hong Kong shed 0.2 per cent and Sydney sank more than two per cent with investors disappointed that the Australian central bank held off cutting interest rates. Still, JP Morgan Asset Management strategist Kerry Craig said there were expectations that a"narrow deal around trade can be achieved".
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