Asia-Pacific markets fell Monday after China and the U.S. tightened trade restrictions and traded fresh accusations, renewing tensions between the world's two largest economies.
China on Sunday said "we are not afraid of" a trade war with the United States after President Donald Trump vowed to impose punishing new retaliatory tariffs on Chinese imports.
A spokesperson for China's Ministry of Commerce accused the U.S. of a "textbook double standard" with Trump's promise on Friday to tack on additional 100% tariffs on those imports after China imposed new export controls on rare earths minerals.
The recent policy announcements may signal that China intends to push for greater concessions from the U.S., Goldman Sachs wrote in a note Sunday.
Australia's ASX/S&P 200 lost 0.68%. South Korea's Kospi plunged 2.35%, and the small-cap Kosdaq declined 2.24%.
Futures for Hong Kong's Hang Seng Index pointed to a lower open, trading at 24,968, against the index's previous close of 26,290.32.
Japan markets are closed for the holidays.
Source: CNBC
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