Asia, Europe markets recoil as China ups tariff ante

Singapore

ASIA equities took a beating on Wednesday, with negative sentiment likely to linger as China announced later in the day that it would impose additional tariffs of 25 per cent on 106 US products - on top of the 128 unveiled earlier.

The latest list - which will take effect when the US applies their announced tariffs - would hit major US exports to China like soybeans, cars, aircraft, whisky and chemicals.

China's second retaliatory move comes less than 24 hours after the US published a list of 1,300 Chinese imports that could be targeted by tariffs, also set at 25 per cent. Th…