BEIJING (AP) – Asian stocks fell for a second day Tuesday amid jitters about U.S.-Chinese trade tensions and mounting public scrutiny of technology companies.
Markets in China, Japan, Australia and South Korea all declined while the Japanese yen rose against the dollar as currency traders looked for a safe haven.
The Shanghai Composite Index lost 1.1 percent to 3,129.55 points and Tokyo’s Nikkei 225 dropped 0.9 percent to 21,199.98. Hong Kong’s Hang Seng lost 0.9 percent to 29,828.46.
Investors worry China’s decision to raise tariffs on $3 billion of U.S. goods including pork, apples and steel pipe raises the risk of a broader conflict that might depress global trade.
The amount of goods affected is a small share of China’s $150 billion in annual imports of U.S. goods. But investors see a bigger fight looming over U.S. President Donald Trump’s approval of possible higher duties on $50 billion of Chinese goods in response to complaints Beijing steals or pressures foreign companies to hand over technology.