Asian stock markets close lower in wake of Trump’s steel, aluminum tariffs

by Anadolu Agency

ISTANBUL

Asian stock markets closed with losses on Tuesday, except South Korea.

The decline followed US President Donald Trump’s Monday executive order that imposed 25% tariffs on steel and aluminum imports.

The Hong Kong Hang Seng index dropped 1.06%, or 227.12 points, to 21,294.86, while the Shanghai index fell 0.12% — 4.11 points — to 3,318.06.

The Shenzhen Component also declined 0.69%, or 73.62 points, to 10,557.62, and India’s Sensex fell 1.32% to 76,293.60 in a 1,018.20-point drop.

South Korea’s Kospi index bucked the trend, rising 0.71% (17.78 points) to 2,539.05, following the resolution of its political crisis.

Despite the general downturn, Chinese steel producers saw significant gains, with Zhejiang Hangxiao Steel Structure surging 17% and Hangzhou Iron and Steel rising 10%.

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