Economics
Asia Braces for Trade War Pain as U.S. Threatens New Tariffs
- Japan’s finance minister says dispute can spread beyond trade
- Thailand, Indonesia taking steps to offset spillover effects
The Guangzhou Nansha Container Port in Guangzhou, China.
Photographer: Qilai Shen/Bloomberg
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Asia is bracing for a deeper economic downturn and financial market turmoil after U.S. President Donald Trump announced a new round of tariffs on China.
Japanese Finance Minister Taro Aso said the additional tariffs signal the conflict between the world’s two biggest economies is expanding beyond a trade war. Australia’s Trade Minister Simon Birmingham said the escalation in tension could hurt global growth.