Trump Confirms Tariff Date, Asia Slumps

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.In Japan, the Nikkei 225 index collapsed 1,100.67 points, or 2.9%, to 37,155.50. In Hong Kong, the Hang Seng index dropped 776.97 points, or 3.3%, to 22,941.32. 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.”In other marketsMarkets in Taiwan were shuttered for holiday. The CSI 300 in mainland China lost 78.07 points, or 2% to 3,890.05In Singapore, the Straits Times index shed 25.49 points, or 0.7%, to 3,895.70In Korea, the Kospi index deleted 88.97 points, or 3.4%, to 2,532.78.In New Zealand, the NZX 50 gained 60.55 points, or 0.5%, to 12,601.42In Australia, the ASX 200 docked 95.86 points, or 1.2%, to 8,172.35.