Sydney — Asian shares carved out a 14-month trough on Friday, on fear that a new salvo of China-US tariffs could come at any moment, while a slump in US chip stocks rippled through the tech-heavy region. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.4%, having earlier reached its lowest since mid-July 2017. Tokyo’s Nikkei shed 1%, undermined by a rising yen and reports that Japan could be US President Donald Trump’s next trade target. Chinese blue chips managed a 0.8% bounce as beaten-down healthcare stocks found buyers after taking a savaging in recent months amid vaccine scandals. Emerging markets in the region were struggling to steady after a punishing week, with Indonesia and the Philippines still badly scarred by fear of capital flight following crises in Argentina and Turkey. Nerves are likely to be frayed further as the public comment period for proposed tariffs on an additional $200bn worth of Chinese imports ends at 4am GMT. The tariffs could go into ef...

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