Asian markets mostly fell Monday on fresh trade fears after Donald Trump’s threat to impose huge tariffs on Colombia in retaliation for its refusal to accept deportation flights from the United States.
Traders were also assessing the impact of a new, cheaper Chinese generative AI programme amid claims it can outperform big-name rivals and worries that a recent surge in the sector may be called into question.
Equities enjoyed a healthy run-up last week on the hope that Trump 2.0 will take a less hardball approach to global trade as he held off imposing stiff levies on China and other partners immediately on taking office, as he warned he would.
His comments that he would “rather not” hit Beijing, and a signal of openness to a trade deal added to the optimistic tone.
However, news Sunday that he would hit Colombian goods with a 25 per cent tariff — rising to 50 per cent next week — and revoke the visas of government officials…
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