TOKYO - Global stock prices fell on Monday after the United States and China imposed new tariffs on each other’s goods, reinforcing investors’ worries over slowing global growth, with no clear end in sight for the trade war.
Volumes remained thin in Asia ahead of a U.S. public holiday and European shares are expected to open little changed, with pan-European Euro Stoxx 50 futures STXEc1 almost flat in early Monday trade. “It’s clear that Beijing is willing to support the economy through fiscal stimulus,” said Kenji Hashizume, senior fund manager at Mitsui Sumitomo DS Asset Management in Hong Kong.
Several studies suggest the tariffs will cost U.S. households up to $1,000 a year, with the latest round hitting a significant number of U.S. consumer goods. “So far Trump appears defiant though on the tariff hikes, blaming the Fed and American companies for their difficulties in dealing with the tariffs,” said Shane Oliver, chief economist at AMP in Sydney.
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