Stock market today: Asian shares mostly fall on worries about Trump's tariffs

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Asian shares have mostly declined as worries spread over President-elect Donald Trump's comment that he plans to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office.

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A person walks in front of the Tokyo Stock Exchange building at a securities firm Tuesday, Nov. 26, 2024, in Tokyo. FILE - People work on the New York Stock Exchange trading floor in New York on November 21, 2024. A person walks in front of an electronic stock board showing part of Japan's Nikkei index at a securities firm Tuesday, Nov. 26, 2024, in Tokyo. Japan's benchmark Nikkei 225 dropped 0.9% to 38,442.00. Australia's S&P/ASX 200 lost 0.7% to 8,359.40. South Korea's Kospi dipped 0.6% to 2,520.36. Hong Kong's Hang Seng was little changed, inching up less than 0.1% to 19,158.

The two-year Treasury yield, which more closely tracks the market’s expectations for what the Federal Reserve will do with overnight interest rates, also eased sharply.to its 2% target. But immediately after Trump’s victory, traders had reduced bets for how many cuts the Fed may deliver next year. They were worried Trump’s preference for lower tax rates and higher spending on the border would balloon the national debt.

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