Across Asia, factory workers, directors, trade associations and analysts voiced concern Thursday that US President Donald Trump’s stinging tariffs could put jobs at risk and hammer key sectors of industry.Trump ramped up a global trade war as he imposed sweeping levies on imports into the United States on Wednesday, sparking worries about what the implications might mean for workers and businesses.”I can’t eat or sleep well because I keep worrying about losing my job,” said Cao Thi Dieu, who helps make shoes for Western brands such as Nike and Adidas at a factory in Ho Chi Minh City.Vietnam was hammered with huge tariffs of 46 percent as part of Trump’s global trade blitz, which sent shares tumbling more than seven percent in Hanoi on Thursday.Dieu, 38, feared the tariffs would impact the job she has been doing for two decades.”How will I manage if I lose my job? How will I continue earning money each month to take care of my two children’s education?” she said.”I only want to stay in the shoe manufacturing job because I don’t know how to do other work.”Erik Hon, 45, a director at a financial technology firm in Singapore, thought the tariffs would drive up global inflation.”It is dangerous for everyone to have the most powerful country in the world going back to isolationism and trying to tame (a) China that is inevitably going to take over its world leadership position,” he added.Alicia Garcia-Herrero, chief economist for Asia Pacific at investment managers Natixis in Hong Kong, warned the tariffs could backfire.”The largest loser is the US, because everybody’s being taxed so there’s no escape for higher inflation,” she said.- ‘Worst-case scenario’ -Chrissy Chan, 48, a business owner in Malaysia, told AFP she was worried it would cost her more to travel to the United States to visit her family.But she said the tariff rates “do not make sense to me… I won’t be surprised if the Trump admin does another backpedal”.Chin Chee Seong, president of the SME (small and medium enterprises) Association of Malaysia said the higher tariffs on other countries might give Malaysian firms a competitive advantage.However, “we import a lot of IT products from the US”, he told AFP.”If we impose a reciprocal tariff, the end user here will pay more. We will suffer. It works both ways.”Taiwan had sought to avoid Trump’s levies by pledging increased investment in the United States, more purchases of US energy, and greater defence spending.But Trump unleashed a hefty 32 percent levy on Taiwanese imports, and while the island’s all-important semiconductor shipments were excluded, Taipei described the move as “unfair”.”The 32 percent really came as a surprise and I think our government was caught off guard,” said Jason Hsu, senior fellow at the Hudson Institute think-tank and a former legislator in Taiwan for the opposition Kuomintang party.”The implications are actually pretty big. I think the government has to think deeply about how to deal with Trump in the next four years with a completely new mindset.”Andrew Kam Jia Yi, an associate professor at the National University of Malaysia, expected Taiwan to lobby for more exemptions.Trump “gives you the worst-case scenario then batters you down to a deal that you might not want but seems more reasonable than the original threat”, he said.burs-rjm/dan

Equity markets tumbled Thursday after Donald Trump delivered a “haymaker” blow with sweeping tariffs against US partners and rivals, fanning a global trade war that many fear will spark recessions and ramp up inflation.Tokyo’s Nikkei briefly collapsed more than four percent, while US futures plunged with oil prices, safe haven gold hit a record high and the dollar retreated amid worries retaliatory measures will batter economies. The panic came after the US president unveiled a blitz of harsher-than-expected levies aimed at countries he said had been “ripping off” the United States for years.Against a backdrop of US flags, Trump said that “for decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike”.The measures included a 34 percent tariff on rival China, 20 percent on key ally the European Union and 24 percent on Japan.A number of others will face specifically tailored tariff levels, and for the rest, Trump said he would impose a “baseline” tariff of 10 percent. Auto tariffs of 25 percent meanwhile kicked in Thursday.Investors are bracing for retaliatory measures, with governments making their anger clear.China vowed “countermeasures” and urged Washington to cancel the tariffs, while calling for dialogue. Japan said the move was “extremely regrettable” and could contravene World Trade Organization rules, while Taiwan described the levies as “highly unreasonable”. European Union chief Ursula von der Leyen called Trump’s announcement a “major blow to the world economy” but vowed the bloc was “prepared to respond”. And France said Brussels was “ready for a trade war” and plans to target online services in response.Thailand said it had a “strong plan” to handle the new US measures and hopes to negotiate a reduction, while Canadian Prime Minister Mark Carney warned “we are going to fight these tariffs with counter measures”.”We are going to protect our workers,” Carney said. – ‘Shock and awe’ -Stephen Innes of SPI Asset Management said: “President Trump walked into the Rose Garden and detonated the most aggressive trade shock the market’s seen in decades. This isn’t a jab — it’s a full-on haymaker.”Wall Street “had talked itself into a softer, more symbolic move. Instead, Trump carpet-bombed the global supply chain”.”This was a ‘shock and awe’ tariffs campaign, dressed up in ‘reciprocity’ language but designed to throttle the trade deficit through brute force.”He said the measures meant inflation risks had surged and economic growth expectations would be cut, with the Federal Reserve “pinned between a hawkish rock and a deflationary hard place”.Tokyo pared its hefty drop but still ended down 2.8 percent, while Hong Kong, Sydney, Seoul, Manila, Mumbai, Shanghai and Singapore also fell. However, Wellington managed to eke out a small gain as New Zealand faced smaller tariffs.London, Paris and Frankfurt all tumbled more than one percent, while Vietnam’s stock exchange dived 7.8 percent after the country was hit with levies of almost 50 percent.Wall Street futures were also battered, with the Dow dropping two percent, the Nasdaq plunging more than three percent and the S&P 500 off 2.8 percent off.Safe havens rallied as traders sought to dump risk assets.Gold hit a new peak of $3,167.84 and the Japanese yen strengthened to 147.04 per dollar from 150.50 the day before.Among other currencies, the euro and pound both jumped more than one percent against the dollar on fears about the US economy and bets that the Fed will have to cut interest rates to deal with the impact on growth.US Treasury yields hit five-month lows — yields and prices go in opposite directions.Oil also suffered big losses, with both main contracts down at least three percent on fears that the shock to economies would hit demand.Among the big corporate losers, Japanese tech giant Sony shed 4.8 percent, while its South Korean rival Samsung was down 2 percent.Car titan Toyota was off more than five percent, Nissan lost 3.7 percent and Honda was down 2.3 percent. Tokyo-listed tech investment firm SoftBank was off close to four percent.Hong Kong-listed e-commerce giants fell after the removal of a duty-free exemption for small parcels from China. Alibaba and JD.com shed 5.0 and 5.2 percent respectively.Tai Hui of JP Morgan Asset Management said the scale of the measures raised concerns about growth.”US consumers may cut back on spending due to pricier imports, and businesses might delay capital expenditures amid uncertainty about the tariffs’ full impact and potential retaliation from trade partners,” he wrote in a note.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 2.8 percent at 34,735.93 (close)Hong Kong – Hang Seng Index: DOWN 1.5 percent at 22,849.81 (close)Shanghai – Composite: DOWN 0.2 percent at 3,342.01 (close)London – FTSE 100: DOWN 1.2 percent at 8,502.37 Dollar/yen: DOWN at 147.14 yen from 149.39 yenEuro/dollar: UP at $1.0970 from $1.0814 on WednesdayPound/dollar: UP at $1.3137 from $1.2985Euro/pound: UP at 83.51 pence from 83.33 penceWest Texas Intermediate: DOWN 3.2 percent at $69.44 per barrelBrent North Sea Crude: DOWN 3.0 percent at $72.72 per barrelNew York – Dow: UP 0.6 percent at 42,225.32 (close)

Nintendo fans excited over the upcoming Switch console said Thursday they were disappointed by the high price tag, as US tariffs bite.The Japanese video game giant revealed details about the Switch 2 on Wednesday, announcing an update to the hugely successful 2017 original that has sold over 150 million units.But shares in the Kyoto-based company tanked nearly six percent following the announcement, partly because the recommended retail price — $449.99 in the United States, 395.99 pounds in Britain and 469.99 euros in France — is at least a third more than its predecessor.Shares closed down 3.3 percent in the wake of US President Donald Trump’s sweeping levies.These include 46 percent on Vietnam and 49 percent on Cambodia — countries where Nintendo has reportedly shifted an increasing share of its production in recent years.The Switch 2 games, including “Donkey Kong Bonanza”, “Kirby Air Riders” and “Mario Kart World”, will cost 80-90 euros ($86-$97).”I will buy it, but maybe not when it’s released,” Felix Sorge, a 33-year-old data analyst told AFP in Tokyo. “It’s quite expensive in comparison to the old one.”Industry research firm Niko Partners poured cold water on the idea of waiting for a discount, however.”We do not expect a price drop for the Switch 2 within its first five years given continued uncertainty around reciprocal tariffs, global trade and higher component costs,” it said.The original Switch was an all-ages hit thanks to its hybrid concept, which allows players to use it on the go and connect to a TV. The new version retains many of its features, including detachable “Joy-Con” controllers.What’s new is a “C” button that activates “GameChat” — allowing users to speak with one another while playing.”Even when you’re apart, you can play games and hang out as if you were together in the same room,” Nintendo said.- ‘GameShare’ -The Switch 2, which will be released on June 5, will have eight times the memory of the first Switch at 256 GB, and a 7.9-inch (20-centimetre) screen up from 6.2 inches for the original.Its controllers, which attach with magnets, can also be used like a desktop computer mouse, a new functionality the company clearly hopes game developers will use.A “GameShare” function will also enable users to share games with friends and temporarily play together.Rio Narita, a 21-year-old Japanese university student, called the wider range of gameplay possibilities “a big deal” and said Sony’s PlayStation 5 console was also expensive.”Given all these functions and the larger screen, it’s sort of unavoidable,” he said.But student Sayaka Motoya, 18, said the price was “tough for younger people or those who don’t have much money”.Nintendo offered a glimpse of the hotly anticipated new console in mid-January, ahead of the live presentation Wednesday.”The Switch 2 is more of an iteration than a reinvention of the wheel,” Niko Partners said.Despite recent diversification efforts into movies and theme parks, Nintendo’s core business still relies on video games.The company could sell around 19 million units in 2025 and 21 million the following year, Toyo Securities estimated.Some media reported that export data shows Nintendo has been amassing an inventory of the new Switch in the United States to get ahead of the tariffs.According to Niko Partners, the higher cost of the console in the United States compared to Japan is likely intended “to avoid potential impacts from US tariffs”.The video game industry has been struggling with a global slowdown, with sales down by 35 percent in 2024 year-on-year in the United States, according to US market researchers Circana.burs-cg-kaf/lb

China on Thursday said it “firmly opposes” sweeping new US tariffs on its exports, vowing “countermeasures” to protect its rights and interests.US President Donald Trump has ignited a potentially ruinous global trade war after imposing 10 percent levies on imports from around the world and harsh extra duties on key trading partners.Trump unveiled particularly stinging tariffs of 34 percent on China, one of its largest trading partners.The commerce ministry in Beijing said in a statement that those tariffs “do not comply with international trade rules and seriously harm the legitimate rights and interests of the relevant parties”.It urged Washington to “immediately cancel” them, warning they “endanger global economic development”, hurting US interests and international supply chains.It also accused the United States of a “typical unilateral bullying practice”.The tariffs come on top of a 20 percent rate imposed last month.At a weekly briefing Thursday, the commerce ministry slammed Washington’s “protectionism and bullying”. But it also said that the two sides were “maintaining communication” over sources of contention in trade and economic issues.Beijing’s foreign ministry also warned the United States that protectionism has no “exit ramp” and noted the broad international opposition to the measures.China previously responded to US tariffs with levies of up to 15 percent on a range of US agricultural goods including soybeans, pork and chicken.Chen Wenling, chief economist at the China Center for International Economic Exchanges in Beijing, told AFP that Beijing could potentially impose export controls of critical and rare minerals to the United States in response.”The United States has become a high-tariff nation, and its status as the flagbearer of free trade has diminished,” Chen said.US duties have threatened to harm China’s fragile economic recovery as it struggles with a long-running debt crisis in the property sector and persistently low consumption.- ‘No winner in a trade war’ -An intensified trade war will likely mean China cannot peg its hopes for strong economic growth this year on its exports, which reached record highs in 2024.Trump labelled Wednesday’s measures “reciprocal” but many experts say his administration’s estimates for levies placed on US imports by other countries are wildly exaggerated.”The US claims to have suffered losses in international trade, using so-called ‘reciprocity’ as an excuse to raise tariffs on all trade partners,” Beijing said.”This approach disregards the balance of interests achieved through years of multilateral trade negotiations and ignores the fact that the US has long profited significantly from international trade,” it added.It instead called for “dialogue” to resolve the dispute.”There is no winner in a trade war, and there is no way out for protectionism,” it said, adding that “history has proven that raising tariffs does not solve the US’s own problems”.The US has also imposed tariffs of 25 percent on steel and aluminium imports.China is the world’s leading steel manufacturer, though not a major exporter of the product to the United States.