Asian markets tumbled on Friday after President Donald Trump said he doesn’t plan to meet Chinese leader Xi Jinping before a tariffs truce ends in March.
Hong Kong’s Hang Seng HSI, +0.71% , reopening after a Lunar New Year break, gave up 0.2%. The Kospi SEU, +0.17% in South Korea closed down 1.2% and Australia’s S&P ASX 200 XJO, -0.18% lost 0.3%.
Tencent 0700, +1.85% fell in Hong Kong trading, as did CNOOC 0883, +0.16% and CSPC Pharmaceutical 1093, +1.69% , while AAC 2018, +5.06% , Sunny Optical 2382, +7.60% and AIA Group 1299, -0.13% gained. Samsung 005930, +0.45% slid in Korea, and Australian energy stocks, such as Santos STO, +0.00% , Woodside Petroleum WPL, +0.76% and Beach Energy BPT, +1.22% tumbled.
Stocks fell in Indonesia JAKIDX, -0.23% and Malaysia FBMKLCI, +0.12% , but were flat in Singapore STI, +0.13% . Markets in China and Taiwan were closed.
On Thursday, Trump did not dismiss the possibility of meeting Xi in the next month or so. But he shook his head and said no when reporters asked if the meeting would take place before March 2. That marks the end of a 90-day tariffs truce mooted after Trump and Xi met in December.
Unless American and Chinese negotiators come to a new agreement, the U.S. is expected to raise import taxes from 10% to 25% for $200 billion in Chinese goods. The trade dispute between the world’s two largest economies, which has cooled in recent months, has weighed on the outlook of businesses and the global economy.
“The worries surround the uncertainties of a resolution to the likelihood of further tariffs in this on-again,