TOKYO — The intensifying global trade war is pushing investors to seek out traditional safe-haven assets, including gold and high-quality sovereign bonds, as rising uncertainty over the economic impact of U.S. tariffs induces a risk asset sell-off.
On Wednesday morning, Japan’s benchmark Nikkei Stock Average slid over 3% tracking Wall Street’s overnight losses. U.S. stocks reversed earlier gains after President Donald Trump said he will impose a 104% tariff on China. White House Press Secret Karoline Leavitt said, “It was a mistake for China to retaliate. The president, when America is punched, he punches back harder.”
