Asia markets dip after Trump tariff hike

MG News | August 01, 2025 at 09:30 AM GMT+05:00

0:00

August 01, 2025 (MLN): Asia-Pacific markets fell Friday after U.S. President Donald Trump modified “reciprocal” tariff rates on several countries, ranging from 10% to 41%.

Tech giants across the region bore the brunt of the selloff as investors digested fresh duties and the latest Big Tech earnings from Wall Street overnight.

In Japan, Tokyo Electron plunged 17% as of 11 a.m. Singapore time (11 p.m. ET Thursday), leading losses among the country's tech names.

Lasertec dropped 4.67%, Advantest Corp declined 2.51%, and SoftBank Group slipped 2.07%. However, Renesas Electronics was last seen up 0.7%.

Over in South Korea, SK Hynix tumbled 5.12%, while Samsung Electronics shed 1.92%, as CNBC reported.

In Taiwan, TSMC fell by 1.72%, while Hon Hai Precision Industry globally known as Foxconn edged up by 1.12%.

In Hong Kong, the tech-heavy Hang Seng Tech Index was down 0.23% in choppy trade.

Among the worst performers were China Petroleum & Chemical Corp, which dropped 5%, Zhongsheng Group Holdings, down 3.02%, and Li Auto, which declined by 2.6%, according to LSEG data.

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