The yuan continued to weaken against the US dollar, hitting a 19-month low on Wednesday due to escalating trade tensions between China and the US. Japan’s finance minister mentioned that trade negotiations with the US could include discussions on foreign exchange rates, with a visit to Washington expected later in the month. In Australia, billions of dollars of stock value were wiped out as concerns about a potential trade war intensified. The New Zealand Reserve Bank cut interest rates in response to US trade tariffs. Donald Trump’s administration is planning to announce a “major” tariff on pharmaceuticals, while Vietnam seeks a last-minute delay to tariffs imposed by the US. South Korea announced emergency support measures for its auto sector in response to the tariffs. The Bank of Japan expressed concern over the impact of US tariffs on the economy and monetary policy decisions. Australian shares plunged by 2% amid fears of the trade barriers impacting the economy. Shanghai, Taiwan, and Hong Kong stocks fell as the US-China trade war escalated. The market volatility across Asia followed a Wall Street retreat in anticipation of the new tariffs.
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