Asia-Pacific equities delivered a mixed performance as investors digested President Donald Trump’s announcement late Friday that the United States will double tariffs on steel imports to 50%, effective starting Wednesday.
Japan’s Nikkei 225 index opened weaker, sliding 1.3%. South Korea’s Kospi managed modest gains, up 0.29%, while Australia’s ASX 200 slipped 0.36%.
In Hong Kong, the Hang Seng index retreated sharply, falling 2.12%. Meanwhile, Chinese mainland and Thailand markets were closed for public holidays.
Friday’s close on Wall Street capped a mixed session following a robust May. The S&P 500 ended effectively flat, dipping by just 0.01% to close at 5,911.69. The Nasdaq Composite declined 0.32% to settle at 19,113.77. In contrast, the Dow Jones Industrial Average edged higher by 54.34 points, or 0.13%, finishing at 42,270.07.
Looking ahead to the new trading month, U.S. equity futures pointed lower. S&P 500 futures slipped 0.45%. Meanwhile, futures tracking the Dow Jones Industrial Average fell by 168 points, or 0.40%, as Wall Street braced for the impact of softer sentiment after May’s strong rally. Nasdaq-100 futures mirrored that decline with a 0.51% drop.
Meanwhile, the European Union voiced strong disapproval on Saturday over President Donald Trump’s decision to double tariffs on steel imports, cautioning that the measure undermines efforts to achieve a negotiated settlement in the enduring trade dispute.
An EU spokesperson indicated that Brussels stands ready to take retaliatory steps in response to the latest U.S. tariff escalation, signaling that additional countermeasures are under consideration.
