Asian stocks struggle as new US-China trade tariffs take hold
A surge in oil prices is adding to concern about risks to the global economy
Tokyo — Asian stocks struggled on Tuesday as a fresh round of US-China trade tariffs and a surge in oil prices to nearly four-year highs added to worries about risks to global growth. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2% but Japan's Nikkei bucked the trend and edged up nearly 0.2%. The Shanghai composite index dropped 0.5% and Australian stocks lost 0.3%. Hong Kong markets were closed for a holiday. China and the US imposed new tariffs on each other's goods on Monday and neither side looks to be in the mood to compromise, raising the risk of a protracted battle that could chill investment and disrupt global trade. The Dow Jones industrial average fell about 0.7% and the S&P 500 index slipped 0.35% overnight. The tense backdrop added to the general caution ahead of an expected interest rate hike by the Federal Reserve this week and uncertainty over the future of US deputy attorney-general Rod Rosenstein. Rosenstein oversees the special counsel in...
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