TOKYO — Asia-Pacific stocks fell sharply on Monday, led by massive losses in Hong Kong, amid a global market rout caused by an intensifying trade war initiated by the U.S., reminding some traders of a similar slide at the outset of the COVID-19 pandemic.
The sell-off was exacerbated by U.S. President Donald Trump’s comments during Asia trading that the “reciprocal tariffs” he rolled out last week are here to stay, said David Chao, global market strategist for Asia Pacific at Invesco in Singapore. “The comments further raise the uncertainty of potential negotiations or reprieves, especially given that even countries with which the U.S. has a surplus with were hit with a 10% baseline tariff,” he said.
