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Asian markets slipped on Monday as the U.S. dollar strengthened following President Donald Trump’s renewed tariff threats. Speaking aboard Air Force One, Trump announced plans for a 25% tariff on all steel and aluminum imports, with additional reciprocal tariffs to be revealed midweek.
The move heightened fears of a global trade war, especially after German Chancellor Olaf Scholz warned the EU was prepared to respond swiftly. Meanwhile, China’s retaliatory tariffs on U.S. exports took effect Monday, with no signs of progress in U.S.-China trade negotiations.
The dollar gained as investors assumed targeted currencies would weaken to offset trade barriers. The U.S. Dollar Index stood firm at 108.26, while the euro dipped to $1.0313 and the Australian dollar fell to $0.6260. The yen weakened to 151.82 per dollar despite speculation of a Bank of Japan rate hike.
Asian equities reacted negatively, with MSCI’s broadest Asia-Pacific index outside Japan down 0.3%. Japan’s Nikkei and South Korea’s KOSPI each lost 0.3% and 0.6%, respectively. Wall Street futures initially dipped but later rebounded, with S&P 500 futures up 0.2% and Nasdaq futures rising 0.3%.
Investors remain cautious, as analysts at Goldman Sachs warned tariffs could cut 2025 earnings per share by 1% to 2%, increasing market uncertainty. Higher inflation risks also pushed U.S. Treasury yields higher, with the 10-year note rising to 4.495%.
Despite a stronger dollar, gold prices surged to a record $2,886 per ounce amid concerns of potential U.S. tariffs on the metal. Meanwhile, oil prices saw modest gains, with Brent crude at $74.85 per barrel and U.S. crude at $71.20, after three weeks of declines driven by trade war concerns.
