China announced fresh tariffs on US imports, including agricultural products, in response to President Donald Trump's latest levies, which increased the previously imposed 10% tariff on Chinese goods to 20%. This move led to a decline in Asian markets, with Tokyo and Hong Kong recovering some losses. Japanese automakers like Nissan, Toyota, and Honda suffered due to their Mexican factories being affected by US tariffs. Investors are hoping for an economic stimulus package from China at its National People's Congress meeting on Wednesday, which could provide pro-growth measures. The oil market saw sharp declines, with West Texas Intermediate crude falling to $67.99 per barrel. Bitcoin's price plummeted nearly 10% as investors sought safer investments amid concerns of an escalating trade war.
https://channelnewsasia.com/asia/asian-stocks-pare-their-losses-after-chinas-retaliatory-tariffs-4974716