Stock markets in Asia-Pacific slid at the open on Monday after US President Donald Trump threatened to ratchet up tariffs on Chinese imports.
Mainland China’s CSI 300 posted the largest fall in the region, dropping as much as 4.3 per cent following Mr Trump’s threat to increase tariffs on $200bn of Chinese goods to 25 per cent from 10 per cent this week.
Mr Trump’s comments came as Liu He, China’s vice-premier Liu He was set to continue trade talks with his US counterparts this week in Washington.
The Hang Seng index in Hong Kong was down 2.5 per cent and Australia’s S&P/ASX 200 slipped 1.2 per cent. Japanese and Korean markets are closed for public holidays.
S&P 500 stock futures also tumbled, dropping 1.9 per cent.
In currencies, the onshore and offshore renminbi were down 0.9 per cent and 1.1 per cent respectively, at their lowest levels against the dollar since January.