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Asian shares extend losses as U.S.-China trade war heats up


Added 05-13-19 09:03:02pm EST - “Shares in Asia extended losses on Tuesday following sharp falls on Wall Street o...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Asian shares extend losses as U.S.-China trade war heats up”. Below is an excerpt from the article.

SHANGHAI (Reuters) - Shares in Asia extended losses on Tuesday following sharp falls on Wall Street overnight, the yen strengthened and U.S. Treasury yields ticked lower as the trade war between China and the United States escalated.

In early trade on Tuesday, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4%, touching its lowest level since Feb. 15.

China on Monday announced it would impose higher tariffs on $60 billion of U.S. goods following Washington’s decision last week to hike its own levies on $200 billion in Chinese imports.

The U.S. Trade Representative’s office also said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.

The tariff escalation has rattled global markets, even as U.S. President Donald Trump said he would meet with Chinese President Xi Jinping next month.

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