Asian Markets Fall as Trump Renews Trade Attack on China

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© Reuters. © Reuters. – Asian markets fell in morning trade on Wednesday as U.S. President Donald Trump renewed trade attack on China and calling the nation “cheaters.”

China’s Shanghai Composite fell 0.2% by 10:37 PM ET (02:37 GMT), while the slipped 0.1%.

Trump said overnight at the Economic Club of New York that “no one has manipulated better or taken advantage of the United States more” since China’s entrance into the World Trade Organization in 2001.”

“I will not say the word ‘cheated,’ but nobody’s cheated better than China, I will say that,” the president said, threatening that the U.S. will “substantially” increase tariffs on China if no deal is reached.

“If we don’t make a deal, we’re going to substantially raise those tariffs,” he said. “They’re going to be raised very substantially. And that’s going to be true for other countries that mistreat us too.”

Hong Kong’s Hang Seng Index lost 1.8% as the city embraces for more clashes. Anti-government protesters again attempted to paralyze parts of city for a third day, with transport, schools and many businesses closing after violence escalated across the city.

Chinese tech giant Tencent Holdings Ltd (HK:) is expected to announce its quarterly earnings later on Wednesday.

Meanwhile, Alibaba Group Holdings (NYSE:) made headlines after Bloomberg reported citing a person familiar with the matter that the company has won approval to sell shares in Hong Kong. The listing could raise as much as $15 billion for the company, the person said.

A representative for Alibaba didn’t immediately respond to requests for comment.

Japan’s Nikkei 225 traded 0.8% lower. Shares of automaker Nissan Motor Co., Ltd. (T:) slid more than 4% in morning trade after the company reported on Tuesday a 70% drop in quarterly profit and slashed its full-year forecast to an 11-year low.

South Korea’s KOSPI fell 0.8%.

Down under, Australia’s ASX 200 slid 0.5%.

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