Asian shares are retreating after US President Donald Trump cranked up trade tensions with China by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a trade war added to pressure on oil prices on Monday, extending Friday’s big fall amid expectations of higher output from OPEC and Russia.MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent in early trade, near its lowest level since May 31. Financial markets in China and Hong Kong will be closed on Monday for Dragon Boat festival holiday.Japan’s Nikkei slid 0.7 per cent as fears of growing protectionism overshadowed stronger-than-expected export data.U.S. e-mini S&P futures fell 0.4 per cent in early trade.Trump on Friday announced hefty tariffs on $US50 billion of Chinese imports, laying out a list of more than 800 strategically important imports from China that would be subject to a 25 per cent tariff starting on July 6, including cars.China said it would respond with tariffs “of the same scale and strength” and that any previous trade deals with Trump were “invalid.” The official Xinhua news agency said China would impose 25 per cent tariffs on 659 US products, ranging from soybeans and… Read full this story
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