Asia-Pacific markets were set to fall Monday, as investors kept an eye out for any fallout from the renewed China-U.S. trade tensions.
China on Sunday said “we are not afraid of” a trade war with the United States after President Donald Trump vowed to impose punishing new retaliatory tariffs on Chinese imports.
A spokesperson for China’s Ministry of Commerce accused the U.S. of a “textbook double standard” with Trump’s promise on Friday to tack on additional 100% tariffs on those imports after China imposed new export controls on rare earths minerals.
The recent policy announcements may signal that China intends to push for greater concessions from the U.S., Goldman Sachs wrote in a note Sunday.
Australia’s ASX/S&P 200 lost 0.66%.
