Latest round of US tariffs sends Asian markets into the red

THE Singapore market dived on Friday, along with other Asian equities, after US President Donald Trump slapped another round of 10 per cent duties on US$300 billion worth of Chinese goods, effective Sept 1.

The Straits Times Index (STI) closed down 0.93 per cent or 30.64 points to 3,261.11, following a week of losses as large as 1.5 per cent on Wednesday. It lost 3.05 per cent or 102.65 points over the course of the week.

The latest tariff announcement follows hot on the heels of a 25 basis point rate cut by the Federal Reserve the day before, and raises the possibility of further easing from central banks around the world to combat the trade war's threat to economic growth.