Asian markets fall as US ignites new trade war with Europe

Stocks drop in Sydney and Tokyo mirroring falls in US and UK, as Washington slaps 25% tariffs on range of European goods

Asian markets have tanked after a below-par US jobs report compounded worries about the world’s top economy, while Washington opened up another front in its trade wars by imposing swingeing tariffs on European goods, including Scotch whisky and French wine.

Stocks fell 2% in Tokyo, Sydney and Seoul on Thursday as investors reacted to the surprise new tariffs and also heavy losses in Europe and on Wall Street on Wednesday. Shanghai was down nearly 1% and Hong Kong shares were off 0.5%.

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