All of the Asian markets are trading in red in early deals on Monday after US President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind. In addition, weak commodity prices weighed on resources stocks. Crude oil prices extended losses in Asian trading after falling sharply on Friday. Meanwhile, Japan’s stocks declines amid investor concern the exchange of threats between China and the US is the precursor of a full-blown trade war. Investors also digested Japan's trade data for May that showed a wider than expected trade deficit. Among the other Asian markets, Taiwan, China, and Hong Kong are closed for Dragon Boat Festival and Indonesia is closed for Eid-ul-Fitr.
Nikkei 225 dropped 212.8 points or 0.93% to 22,638.95, KOSPI Index slipped 29.39 points or 1.22% to 2,374.65, FTSE Bursa Malaysia KLCI declined by 13.71 points or 0.78% to 1,748.07 and Straits Times down by 55.63 points or 1.66% to 3,301.10.
