Asian stocks fall as US court revives Trump tariffs: Nikkei and Hang Seng drop 1.4%, Shanghai slips 0.5%
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Asian stock markets slipped on Friday after a court ruling in the United States that gave president Donald Trump's tariff policies a temporary reprieve. The stocks had improved the previous day when a lower court had termed them unconstitutional.
The Nikkei in Tokyo and the Hang Seng in Hong Kong dropped 1.4% on Friday, while Shanghai's Composite Index slipped 0.5%. Sydney and Seoul also fell, though markets in Wellington and Manila showed modest gains. The yen gained strength after inflation data from Tokyo came in higher than expected, increasing the likelihood of an interest rate hike by the central bank in July.
The decline in Asian equities comes after Wall Street ended flat, with slight gains across the Dow and other main indexes.
Weak US economic data, including a revised GDP contraction in early 2025 and disappointing jobless and housing numbers, added to the cautious mood.
The legal tug-of-war over Trump's tariffs is now expected to reach the Supreme Court. A federal judge had earlier ruled that the administration exceeded its authority in imposing the levies, a judgment Trump called 'horrible' and urged to be overturned. "Backroom 'hustlers' must not be allowed to destroy our nation!," Trump wrote on Truth Social.
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A separate ruling by a federal district judge in Washington, DC also declared some of the tariffs unlawful, giving the administration 14 days to file an appeal.
Despite the legal blocks, Trump allies insist that the administration will continue pushing its trade agenda. AFP quoted economists like Rodrigo Catril of National Australia Bank, warning that the fight only adds another layer of uncertainty. "The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring," said Cartil.
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