Asia Slides as Trump Tariffs Take Effect

Asia-Pacific markets traded lower Monday after U.S. President Donald Trump levied tariffs on Canada, Mexico and China over the weekend.In Japan, the Nikkei 225 stumbled 1,053.40 points, or 2.7%, to 39,520.09. In Hong Kong, the Hang Seng index dipped 7.85 points, or 0.04%, to 20,217,26.CHINA Chinese markets remain closed for the Lunar New Year holiday.Caixin/S&P Global services manufacturing activity data for China will be released later in the day. The PMI is expected to come in at 50.5, according to Reuters poll estimates. On Saturday, Trump signed an order implementing a 25% tariff on imports from Mexico and Canada, and a 10% tariff on goods from China. Energy exports from Canada will face a reduced 10% tariff, which are set to come into effect on Tuesday stateside.The U.S. conducts around $1.6 trillion in annual business with these three countries combined. In other marketsIn Singapore, the Straits Times index subsided 29.35 points, or 0.8%, to 3,826.47In Korea, the Kospi index decreased 63.42 points, or 2.5%, to 2,453.95In New Zealand, the NZX 50 retreated 184.7 points, or 1.4%, to 12,810.32In Australia, the ASX 200 lost 152.94 points, or 1.8%, to 8,379.36