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Asia Markets: Asian markets slump after U.S. announces $200 billion in new tariffs on China

Asian stock markets fell Wednesday after the Trump administration announced it plans to slap tariffs on a further $200 billion of Chinese imports.

Read:U.S. unveils tariffs on another $200 billion of Chinese goods

But benchmarks recovered from session lows, with indexes in China, Hong Kong and Japan all down around 1.5%. Australia’s S&P/ASX XJO, -0.68% , Korea’s Kospi and Taiwan’s Taiex Y9999, -0.74% narrowed their declines to less than 1%, while New Zealand’s benchmark NZ50GR, -0.24% was little changed. S&P 500 futures ESH9, -0.86% fell 0.8%

After three days of solid gains, Japan’s Nikkei NIK, -1.19% was last down 1.3%, with exporters hit the hardest.

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