Tokyo Tower, Tokyo’s famous landmark, rises high above the skyscrapers in Azabu, Roppongi and Toranomon districts. A tilt-shift lens was used in order to obtain a miniature effect.
Krzysztof Baranowski | Moment | Getty Images
Asia-Pacific markets fell on Friday after U.S. President Donald Trump confirmed that tariffs on imports from Mexico and Canada will be going ahead and taking effect next week.
Australia’s S&P/ASX 200 traded 1.16% lower to close at 8,172.4.
Japan’s Nikkei 225 slipped 2.88% to close at 37,155.5 and the Topix lost 1.98% to close at 2,682.09. South Korea’s Kospi fell 3.39% to close at 2,532.78 while the small-cap Kosdaq traded 3.49% lower to close at 743.96.
Hong Kong’s Hang Seng Index fell 3.55%, and mainland China’s CSI 300 was down 1.97% to end the trading day at 3,890.05.
Indian stocks were also in negative territory, with the Nifty 50 down 0.99%.
The price of Bitcoin fell 1.79% to $82,811.12, marking an almost 25% decline from its record high in January.
On Thursday, Trump announced that proposed tariffs on 25% on Canada and Mexico will be implemented on March 4 after a month-long postponement. The president said that these countries had not sufficiently reduced the flow of drugs across the border.
Additionally, Trump also said that China, which already faces 10% U.S. tariffs on its products, “will likewise be charged an additional 10% Tariff on that date.”
Overnight in the U.S., the three major indexes closed lower. The S&P 500 closed down 1.59% at 5,861.57. The broad market index remains in the red for the week and month. The Nasdaq Composite pulled back 2.78%, to end the day at 18,544.42, with Nvidia’s 8.5% slide pulling the tech-heavy index lower.
The Dow Jones Industrial Average lost 193.62 points, or 0.45%, to finish at 43,239.50.
—CNBC’s Hakyung Kim and Pia Singh contributed to this report.
