Asia markets set to open lower as investors weigh Trump's vow on fresh chip tariffs
Details such as how much a company needs to be manufacturing in the U.S. to qualify for the tariff exemption were not immediately clear.
Good morning from Singapore.
Investors will be keeping a close watch on chip stocks following U.S. President Donald Trump's vow to impose 100% tariffs on imported semiconductors and chips, unless they are made by companies "building in the United States."
Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 40,785 while its counterpart in Osaka last traded at 40,790, against the index's last close of 40,794.86.
Futures for Hong Kong's Hang Seng index stood at 24,903, pointing to a weaker open compared with the HSI's Wednesday close of 24,910.63.
Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,779, compared with its last close of 8,843.70.
— Amala Balakrishner
President Donald Trump said late Wednesday that he would slap a 100% duty on imports of semiconductors and chips – with an exception for companies that are "building in the United States."
"We're going to be putting a very large tariff on chips and semiconductors," he said, speaking in the Oval Office on Wednesday afternoon.
"But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge," Trump added.
Shares of Apple advanced 3% in extended trading, fresh off a 5% gain in the regular session. Stock chart icon
Apple shares in the past day
– Kevin Breuninger, Darla Mercado
All the three major averages finished with gains on Wednesday.
The S&P 500 advanced 0.73% to finish at 6,345.06, while the Nasdaq Composite jumped 1.21%, closing at 21,169.42. The Dow Jones Industrial Average also rose 81.38 points, or 0.18%, to end the day at 44,193.12.
— Sean Conlon
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