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Asia Braces for Trade War Pain as U.S. Threatens New Tariffs

  • Japan’s finance minister says dispute can spread beyond trade
  • Thailand, Indonesia taking steps to offset spillover effects
The Guangzhou Nansha Container Port in Guangzhou, China. 

The Guangzhou Nansha Container Port in Guangzhou, China. 

Photographer: Qilai Shen/Bloomberg

Updated on

Asia is bracing for a deeper economic downturn and financial market turmoil after U.S. President Donald Trump announced a new round of tariffs on China.

Japanese Finance Minister Taro Aso said the additional tariffs signal the conflict between the world’s two biggest economies is expanding beyond a trade war. Australia’s Trade Minister Simon Birmingham said the escalation in tension could hurt global growth.