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Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge US tariffs on Canada, Mexico and China kicked in, sparking swift retaliation from Beijing and Ottawa.Markets fell in Asia and Europe in response to what analysts said were the steepest tariffs on imports since the 1940s.Trump had announced — and then paused — blanket 25 percent tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.He pushed ahead with them Tuesday, citing a lack of progress on both fronts.The duties will hit over $918 billion in US imports from both countries, and are set to hamper supply chains for key sectors like automobiles and construction materials.Canada responded with its own retaliatory 25 percent tariffs, while Mexican President Claudia Sheinbaum said there was no justification for the US move and vowed to hit back with duties of its own.Trump also inked an order Monday to increase a previously imposed 10 percent tariff on China to 20 percent — piling atop existing levies on various Chinese goods.Beijing condemned the “unilateral imposition of tariffs by the US” and said it would impose 10 and 15 percent levies on a range of agricultural imports from the United States.Experts have warned the higher import costs could push up prices for consumers, complicating efforts to bring down inflation.That includes at grocery stores — Mexico supplied 63 percent of US vegetable imports and nearly half of US fruit and nut imports in 2023, according to the US Department of Agriculture.Housing costs could also be hit. More than 70 percent of imports of two key materials homebuilders need — softwood lumber and gypsum — come from Canada and Mexico, said the National Association of Home Builders. Truck drivers at the Otay Mesa border crossing in Mexico told AFP they were already feeling the impact as they waited to cross into the United States early Tuesday.Work was drying up because many companies in the Mexican border city of Tijuana export Chinese goods, said driver Angel Cervantes.”And since the tariffs are also against China, work is going down for the (transport) companies,” he added.- Fight to ‘the bitter end’ -Ottawa’s retaliatory 25 percent tariffs on $30 billion of goods went into effect just after midnight Tuesday.”Canada will not let this unjustified decision go unanswered,” Prime Minister Justin Trudeau said, adding that they would be extended to duties on more than $150 billion of Canadian goods within weeks.China’s tariffs will come into effect next week and will impact tens of billions of dollars in imports, from US soybeans to chickens.China also suspended all imports of US lumber and halted soybean shipments from three US exporters.Beijing’s foreign ministry vowed to fight a US trade war to the “bitter end.”European Union trade spokesman Olof Gill warned the tariffs on Canada and Mexico threatened transatlantic “economic stability” and risked disrupting global trade, urging Washington to reverse course.- Trump seeks leverage -Analysts say Trump’s tariffs over drugs like fentanyl are a means to tackle socio-economic problems — while providing legal justifications to move quickly — and Washington is also seeking leverage and to rebalance trade ties.But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move.The Tax Foundation estimates that before accounting for foreign retaliation, tariffs on Canada, Mexico and China this time would each cut US economic output by 0.1 percent.”We could easily reach the highest effective tariff rate since 1936 by the beginning of 2026,” KPMG chief economist Diane Swonk warned ahead of the tariffs going into effect.Both consumers and manufacturers stand to bear the costs of additional tariffs, which could diminish demand and trigger layoffs as businesses try to keep costs under control, she told AFP.burs-sam/st/bgs

At a bustling Shanghai trade fair, exporters of goods ranging from plush toys to chainmail bikinis expressed growing unease at the escalating US-China trade war as new US tariffs took hold on Tuesday.President Donald Trump on Monday doubled previously imposed tariffs to 20 percent, which themselves pile atop existing levies on various Chinese goods.The fair on Tuesday showcased the huge spectrum of such exports — sellers of everything from bath mats to cosmetics told AFP their businesses would be affected in some way. The writing was on the wall at the Weiteng Gifts booth, where fridge magnets, keychains and medallions reading “Red Rock Rave Las Vegas”, “Colorado Crossroads” and “West Texas Classic” were proof of its reliance on the US market.”I’m a little worried, but there’s nothing I can do. We can only absorb it internally and hedge any risks,” representative Andy Dai told AFP.He said about 70 percent of the company’s sales went to the United States.Weiteng’s sales in the first two months of 2025 were down 15 percent compared with last year, he added.”The impact (of tariffs) is actually quite great, especially for small- and medium-sized enterprises,” said Esther Ma, who works for a logistics company that counts e-commerce giants Shein, Temu and Amazon among its clients.”In my industry, everyone is very worried about this kind of trade war… If it is a blow to our customers, it will also have a great impact on us.”- Christmas trees and cat litter -Among stalls selling products from “Protect Your Peace” candles to Christmas trees and cat litter, traders smiled ruefully when asked about China-US relations.  Weiteng’s Dai said the company had started to develop its business domestically, boosting its presence at local trade fairs.”At the same time, of course, we can’t give up our traditional market. The European and American markets are still our most important markets, so we are now straddling all of them to spread the risk,” Dai said.Diversifying customer bases was a recurring theme among those who said they would be affected. One company at the trade fair specialised in the mesh and sequinned party harnesses seen at festivals such as Coachella and Burning Man. A saleswoman said they were focussing on developing their European market to make up for the hit they had already taken in the United States.Logistics specialist Ma said some of her clients had told her they were switching to focus within Asia or to countries that are part of China’s Belt and Road infrastructure and trade initiative. Others said they hadn’t seen any effects from the tariffs yet but feared they would not be able to avoid it in the future.However, another logistics professional said he thought the cost would be passed on to US consumers rather than Chinese companies. “We export to a lot of countries and the United States is just one of them,” said Jin Ziqin, whose company sells cleaning products.”This new trade war? We’ve been in a trade war all along. I believe that China has various ways to deal with it,” she said. Beijing has already retaliated against the latest US move, saying it would impose 10 and 15 percent levies on a range of US agricultural imports, from chicken to soybeans.”If we keep going back and forth, I think things will keep escalating,” Weiteng Gifts’ Dai said.”But as an ordinary business, we certainly hope that through dialogue and negotiation, the two governments can reduce trade disputes.”

Mounting trade wars between the United States and its largest economic partners deepened on Tuesday as US tariffs on Canada, Mexico and China kicked in, sparking swift retaliation from Beijing and Ottawa.Stinging US tariffs on Canadian and Mexican goods came into effect as a deadline to avert President Donald Trump’s levies passed without the nations striking a deal — a move set to snarl supply chains.Trade war fears sent markets falling in Asia and Europe on Tuesday in response to what analysts said were its steepest tariffs on imports since the 1940s.Trump had announced — and then paused — the blanket 25 percent tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.In pushing ahead with the duties, Trump cited a lack of progress in tackling the flow of drugs like fentanyl into the United States.The duties stand to impact over $918 billion worth of US imports from both countries.The sweeping duties on Canada and Mexico are set to hamper supply chains for key sectors like automobiles and construction materials, risking cost increases to households.Mexico supplied 63 percent of US vegetable imports and nearly half of US fruit and nut imports in 2023, according to the US Department of Agriculture.More than 80 percent of US avocados come from Mexico — meaning higher import costs could push up prices for American shoppers.Truck drivers at the Otay Mesa border crossing in Mexico told AFP they were already feeling the impact of the tariffs as they lined up to cross into the United States on Tuesday morning.Work was drying up because many companies in the Mexican border city of Tijuana export Chinese goods, said driver Angel Cervantes.”And since the tariffs are also against China, work is going down for the (transport) companies,” he added.And the United States imports construction materials from Canada, too, meaning tariffs could drive up housing costs.More than 70 percent of imports of two key materials homebuilders need — softwood lumber and gypsum — come from Canada and Mexico, said National Association of Home Builders chairman Carl Harris.- ‘Bitter end’ -Trump also inked an order Monday to increase a previously imposed 10 percent tariff on China to 20 percent — piling atop existing levies on various Chinese goods.Beijing condemned the “unilateral imposition of tariffs by the US” and swiftly retaliated, saying it would impose 10 and 15 percent levies on a range of agricultural imports from the United States.China’s tariffs will come into effect next week and will impact tens of billions of dollars in imports, from US soybeans to chickens.Beijing’s foreign ministry vowed to fight a US trade war to the “bitter end.””The Chinese people will not be intimidated,” spokesman Lin Jian said.And after Trump earlier announced tariffs on EU products would be 25 percent, France’s Economy Minister Eric Lombard called for the European Union to reach a “balanced deal” with Washington.EU trade spokesman Olof Gill warned the tariffs on Canada and Mexico threatened transatlantic “economic stability” and risked “disrupting global trade,” urging Washington to reverse course.Economists caution that tariffs could raise consumer prices while weighing on growth and employment.The Tax Foundation estimates that before accounting for foreign retaliation, tariffs on Canada, Mexico and China this time would each cut US economic output by 0.1 percent.This could complicate Trump’s efforts to fulfill his campaign promises of lowering prices for Americans.Former US officials see Trump’s tariffs over drugs like fentanyl as a means to tackle socio-economic problems — while providing legal justifications to move quickly.Washington is also seeking leverage and to rebalance trade ties, analysts say.But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move, and could trigger lawsuits.- US tariffs won’t ‘go unanswered’ -Canadian Prime Minister Justin Trudeau on Monday pledged to impose retaliatory 25 percent tariffs on Washington, saying in a statement: “Canada will not let this unjustified decision go unanswered.”Mexican President Claudia Sheinbaum said her country has contingency plans.If Trump continues with his tariff plans, KPMG chief economist Diane Swonk warned ahead of them going into effect: “We could easily reach the highest effective tariff rate since 1936 by the beginning of 2026.”Both consumers and manufacturers stand to bear the costs of additional tariffs, which could diminish demand and trigger layoffs as businesses try to keep costs under control, she told AFP.Robert Dietz, chief economist at the National Association of Home Builders, told AFP the group expects a possible “combined duty tariff rate of above 50 percent on Canadian lumber” as proposed duties add up.Even as the United States also plans to expand forestry, Dietz said, prices will likely rise in the short-run.burs-oho/cms/sco

Singapore on Tuesday said it would consider caning scammers as the city-state doubles down on swindling syndicates following record high scam losses.Police figures show that at least Sg$1.1 billion ($817 million) was lost through scams in 2024 — 70 percent more than the previous year.”We will consider…caning to be prescribed for certain scam-related offences, recognising the serious harm they can cause,” said Minister of State for Home Affairs and Social and Family Development Sun Xueling.Although several protective measures are already in place in the banking industry, scammers have upgraded their playbook.”They have started asking victims to convert their money to cryptocurrencies prior to performing the transfers, thereby evading our banking safeguards,” she said, adding that crypto-related cases accounted for nearly 25 percent of all scam losses.She advised Singaporeans “to steer clear of cryptocurrencies.”Sun said the number of reported scams occurring via messaging platform Telegram, which provides anonymity to users, almost doubled in 2024.She urged Telegram to adopt stronger verification measures, adding that the government was exploring “legislative levers to ensure compliance.”In recent years, Singaporean authorities have intensified public education efforts against scamming, including setting up a national scam hotline.In 2020, the government introduced the “ScamShield” app which allows users to check suspicious calls, websites and messages.Last year, then-premier Lee Hsien Loong told local media he had been scammed as an item he ordered online never arrived, highlighting how the issue affected all sectors of society.Cyberscam centres — which lure foreigners in to work in scam hothouses swindling people with online romance and crypto investment cons — have proliferated across Southeast Asia in recent years.The United Nations estimates that up to 120,000 people, many of them Chinese, could be working in Myanmar’s many scam compounds.Last month, hundreds of Chinese nationals were sent home from Myanmar to their country via Thailand and there are plans to repatriate thousands more stranded in camps at the Thai-Myanmar border, part of a crackdown on transnational crime.

Markets fell in volatile trade Tuesday on fears of a trade war after China announced fresh tariffs on US imports in retaliation for President Donald Trump’s latest levies.China said it would impose levies of 10 and 15 percent on a range of US agricultural imports in response to Trump’s tariffs.The US president signed an executive order to increase a previously imposed 10 percent tariff on Chinese goods to 20 percent, the White House said on Monday.US tariffs also came into effect on imports from major trading partners Canada and Mexico after a deadline to avert the levies passed without a deal being struck.Canada said it would respond in kind, with 25 percent tariffs on $155 billion worth of US goods taking effect after the deadline.Fears of a full-blown trade war increased volatility with Asian markets mostly lower.Tokyo recovered some of its early losses to end down 1.2 percent after China announced its retaliatory tariffs.Japanese automakers with Mexican factories in their supply chains suffered the biggest hit, with Nissan, Toyota and Honda among the major losers.Hong Kong closed in the red after a volatile session with Singapore, Bangkok, Sydney, Wellington, Taipei, Jakarta, Kuala Lumpur and Seoul also down. Manila and Shanghai were the only gainers.Concerns over the impact of a tariff war spread to European markets, with London, Paris and Frankfurt all opening lower.”The spectre of a full-blown trade war is once again looming, threatening to choke global economic growth just as investors were starting to regain confidence,” said Stephen Innes of SPI Asset Management.Investors are hoping that China will announce a huge economic stimulus package at its key parliamentary meeting, the National People’s Congress, which opens Wednesday.”In the upcoming National People’s Congress, Chinese policymakers could provide more pro-growth measures including announcing a larger budget deficit target and maintaining a five percent growth target for this year,” said MUFG Bank’s Lloyd Chan.Both the Mexican peso and Canadian dollar have dropped against the greenback over the past few days.Trump expressed outrage on Monday over the weakening of certain currencies, accusing Beijing and Tokyo of using it as a trade strategy, although the Japanese government fiercely refuted the claim.The oil market also saw sharp declines, with West Texas Intermediate crude falling to $67.60 per barrel and Brent crude dropping to $70.66 per barrel.Bitcoin’s price plunged nearly 10 percent on Monday as concerns of an escalating trade war pushed investors to seek safer investments.Bitcoin and similar digital assets had surged at the weekend after Trump suggested creating a national cryptocurrency reserve.”Everything is getting sold,” Forexlive manager Adam Button said. “There’s a de-risking that’s unfolding” among crypto investors, he said.- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 37,331.18 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 22,941.77 (close)Shanghai – Composite: UP 0.2 percent at 3,324.21 (close)London – FTSE 100: DOWN 0.5 percent at 8,821.65Euro/dollar: UP at 1.0517 from $1.0419 on MondayPound/dollar: UP at $1.2719 from $1.2612 Dollar/yen: DOWN 149.16 from 150.28 yenEuro/pound: UP at 82.69 pence from 82.62 pence West Texas Intermediate: DOWN 1.13 percent at $67.60 per barrelBrent North Sea Crude: DOWN 1.34 percent at $70.66 per barrelNew York – Dow: DOWN 1.5 percent at 43,191.24 (close)

A Thai court on Tuesday accepted a class-action lawsuit filed by hundreds of fishermen seeking $73 million in damages from a agribusiness giant over invasive blackchin tilapia, a representative of the Thai lawyers’ council said.The alien species, native to west Africa, has been found in 19 provinces in Thailand, damaging ecosystems in rivers, swamps and canals, and last year the government declared its eradication a national priority.As well as the ecological impact, authorities are concerned about the threat it poses to the Thai fish-farming industry, one of the country’s most crucial sources of income.A Thai court agreed to hear the case against Charoen Pokphand (CP) on Tuesday, according to a member of the Lawyers Council of Thailand.”Today, a civil court in Bangkok accepted the case filed by fishing professionals in Samut Songkhram who have been affected by tilapia,” Somchai Armeen, a senior environmental lawyer at the council who is responsible for the case, said on his Facebook account.The lawsuit, filed six months ago on behalf of more than 1,400 fishing professionals, accuses CP of introducing blackchin tilapia into Thailand by importing the species from Ghana in 2010, a statement from the council said.The group demanded 2.48 billion baht ($73 million) in compensation, it added.Charoen Pokphand is one of Thailand’s largest conglomerates. Its founders, the Chearavanont brothers, are Thailand’s second richest family, according to Forbes in 2024.The company has faced increasing scrutiny over monopolistic practices, particularly after its merger with Tesco in 2020.

China’s leadership gathered at their largest political event of the year in Beijing on Tuesday, seeking a response to US President Donald Trump’s latest salvo of tariffs targeting an already sluggish economy.The closed-door meetings, known as the “Two Sessions”, are concurrent talking shops of China’s rubber-stamp parliament and a separate political advisory body.Voting is tightly controlled and legislation is pre-approved by the ruling Communist Party.Proceedings kicked off Tuesday at 3:00 pm (0700 GMT) with the opening ceremony of China’s People’s Political Consultative Conference (CPPCC) attended by President Xi Jinping and other party top brass, an AFP journalist in the hall said.The political gathering will offer a rare glimpse into how Beijing plans to meet its economic growth target — which analysts say would likely be five percent — while it faces down an unpredictable United States.Ahead of the meeting, parliament spokesman Lou Qinjian acknowledged that the Chinese economy faced “many difficulties and challenges”.”World economic and political uncertainty is increasing… domestic demand is insufficient, and some companies are facing difficulties in production and operation,” he told a news conference.Lou also expressed confidence in the economy’s ability to weather those headwinds, saying it had “stable foundations, many advantages, strong resilience and great potential”.The opening of proceedings coincided with the implementation of additional US tariffs, against which China announced countermeasures on Tuesday.All eyes will also be on possible stimulus to boost domestic demand, sorely needed to counter a potential drop in tariff-sensitive exports.- Economy in focus -Tuesday’s CPPCC is low-stakes compared to the almost simultaneous gathering of China’s legislature, the National People’s Congress (NPC), which starts on Wednesday.Premier Li Qiang will deliver a speech expected to unveil economic targets during the NPC’s opening session.Analysts polled by AFP broadly agreed that Beijing will set a goal of around five percent growth — the same as 2024.Observers say this is ambitious given the economic headwinds China is facing.Analysts expect policymakers to widen the scope of a consumer goods trade-in programme initiated last year that allows shoppers to exchange older home appliances and other items.China is also grappling with a prolonged property sector crisis and high youth unemployment, issues that have dampened confidence in the economy — which long enjoyed double-digit growth but has struggled to make a full recovery since the Covid-19 pandemic.Investors will also be watching for signs of further support for the private sector following Xi’s rare talks with Chinese tech tycoons last month.Officials will try to send a positive message that China is “still in good shape”, said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.However, specific policies may not be announced during the meetings, with impact on the markets likely “limited”, he said.”In the past, the NPC meeting was more about agenda-setting. Now, it’s more about sending a message and propaganda,” Wu said.”Now, it’s one-man politics.”- Trump’s back -The talks will be closely watched for signals about how China plans to deal with an increasingly unpredictable United States, its largest trading partner and strategic rival.Donald Trump has overturned the international order and proven even more mercurial than in his first term in just over a month back in the White House.”People will be watching (for) how Xi might be responding to the uncertainties and unpredictability set before him by the challenge that is the current Trump administration,” said Chong Ja Ian, an associate professor of political science at the National University of Singapore.Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year — interest rate cuts, easing local government debt pressure and expanding subsidy programmes for household goods.”We expect China to increase policy support in response to greater external shock from the US,” Wang Tao, chief China economist at UBS, told AFP.China will also announce its annual military budget this week.Analysts expect an increase as Beijing navigates deepening tensions in the South China Sea and the Taiwan Strait.”I expect further investment in capability, especially in terms of missiles, aircraft, artificial intelligence that boost the military,” Chong said. For years, China’s defence budget has expanded at a faster rate than its economic growth target.

Taiwanese chip-making giant TSMC will invest at least $100 billion in the United States to build “cutting edge” manufacturing facilities, President Donald Trump said on Monday, announcing the latest blockbuster financial pledge by a private company since his return to office.Taiwan Semiconductor Manufacturing Co’s new investment will come on top of their existing commitments and will go into “building five cutting edge fabrication facilities,” Trump said during a White House event, flanked by TSMC chief executive C.C. Wei.He added that much of the funding would be invested in the US state of Arizona, where TSMC — the world’s largest chipmaker — has already invested heavily, and would create “many thousands” of high-paying jobs.TSMC has long faced demands to move more of its production away from Taiwan, amid fears that supplies of the critical technology could be disrupted in any conflict with Beijing.The company pledged during former president Joe Biden’s administration to invest more than $65 billion in three factories in Arizona, one of which began production in late 2024.Trump recently ratcheted up the pressure on TSMC and other chip manufacturers by publicly mulling the introduction of 25 percent tariffs on all semiconductor chips made outside the United States.Taiwan will review the investment “in accordance with the law” and ensure that the “most advanced manufacturing processes will remain in Taiwan,” President Lai Ching-te’s office said.Taiwan Premier Cho Jung-tai said the island looked forward to “continuing to cooperate with friendly countries for mutual benefits.”However, he said it was important that Taiwan maintain its “key position” in the global chip supply chain and “ensure that we are leading in key technologies.”Monday’s announcement brings the total amount committed by TSMC to around $165 billion, Wei said.”We are going to produce many chips to support AI progress, and to support smartphones’ progress,” he said.- ‘Silicon shield’ -The new investment will help expand the firm’s US footprint to include “three new fabrication plants, two advanced packaging facilities and a major R&D (research and development) team center,” while supporting 40,000 construction jobs over the next four years, TSMC said in a statement.The concentration of chip manufacturing in Taiwan has been described as a “silicon shield” against a possible invasion or blockade by China, which claims the island as part of its territory and has threatened to use force to bring it under its control.There are concerns Taiwan could lose that protection if its companies build too many factories overseas.”Taking away Taiwan’s technology sector will reduce the power of Taiwan’s ‘silicon shield’,” said James Yifan Chen, assistant professor in the Department of Diplomacy and International Relations at Tamkang University in Taiwan.”Taiwan without semiconductor and tech industries will be like Ukraine without nuclear weapons.”- Tariff threats -Trump has called on companies to create more manufacturing jobs in the United States since regaining the White House, while threatening to impose steep levies on those who do not comply.His administration has already imposed a 10 percent tariff on Chinese goods and imposed a 25 percent tariff on Canada and Mexico from Tuesday, alongside an additional levy of 10 percent on goods from China.Trump said on Monday there was “no room left for Mexico or for Canada” to avoid the tariffs, which came into effect early on Tuesday.Trump has invited executives from some of the world’s largest companies, including OpenAI and Oracle, to the White House since his January 20 inauguration to tout investments worth hundreds of billions of dollars in US manufacturing.The amount announced since inauguration day in January totals more than $1 trillion, including a commitment from Apple to invest $500 billion over the next four years.These gargantuan sums are sure to please Trump’s supporters. His critics point to some similarly ambitious targets pledged during his first term in office that failed to materialize.

The Japanese parent company of 7-Eleven said Tuesday that a buyout bid from a Canadian convenience store rival was still on the table despite a report that it planned to reject the multibillion-dollar offer.Seven & i, which operates some 85,000 convenience stores worldwide, last year rebuffed an offer worth nearly $40 billion from Alimentation Couche-Tard (ACT) that would have been the biggest foreign buyout of a Japanese firm.The Yomiuri daily reported Tuesday that a special committee scrutinising ACT’s sweetened offer of reportedly around $47 billion has decided to say no to that too.Antitrust concerns were one reason for the decision, the daily said, given Seven & i and ACT’s overlapping store networks in the United States.But Seven & i did not confirm the report when contacted by AFP.”The company remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal from ACT,” it said in a statement.Seven & i said its “special committee is engaging constructively with ACT to determine if an actionable proposal can be achieved that addresses the serious US antitrust challenges that any such transaction would face”.Seven & i shares, which have been highly volatile since ACT’s approach was first announced, shed as much as 10 percent after the Tokyo market opened Tuesday following the report.Its shares were down 7.8 percent in afternoon trade.The Yomiuri reported the decision to reject the acquisition offer would be made soon at a board meeting.Board members would also replace CEO Ryuichi Isaka with outside director Stephen Hayes Dacus, it said, echoing reports in other outlets.Dacus has previously worked for Uniqlo owner Fast Retailing and US retail giant Walmart, and would be Seven & i’s first foreign chief.Seven & i, which last week said its founding family had failed to put together sufficient financing for a buyout to fend off ACT’s offer, on Monday said “no decision has been made” regarding management changes.Now the world’s biggest convenience store brand, 7-Eleven began in the United States, but it has been wholly owned by Seven & i since 2005.ACT, which began with one store in Quebec in 1980, runs nearly 17,000 convenience store outlets worldwide including the Circle K chain.

Asian markets tumbled on Tuesday after US President Donald Trump hiked tariffs on Chinese imports and warned that levies on Mexico and Canada could not be averted.Japan’s Nikkei and Hong Kong’s Hang Seng saw the biggest drop, falling more than two percent and 1.5 percent respectively.It comes after the White House said on Monday that Trump had signed an executive order to increase a previously imposed 10 percent tariff on China to 20 percent.Trump also stressed that Canada and Mexico would not avoid being hit with 25 percent levies, causing US stocks to fall sharply on Monday. The new levies came into effect soon after midnight.Canada responded on Monday by putting 25 percent tariffs on $155 billion worth of American goods.Beijing also warned that it was “strongly dissatisfied” and would be taking countermeasures to safeguard its “rights and interests”, a commerce ministry spokesperson said in a statement.Fears that the retaliatory tariffs could escalate into a full-blown trade war drove markets down across Asia.Japanese automakers with Mexican factories in their supply chains suffered, with Nissan, Toyota and Honda among the major losers and all down more than two percent.Exchanges across Asia mirrored the downward trajectory, with Thailand, Australia, New Zealand and Taiwan dropping around one percent.Equities also fell in the Philippines, Malaysia and South Korea, where a second stock exchange named Nextrade was opened on Tuesday.”The spectre of a full-blown trade war is once again looming, threatening to choke global economic growth just as investors were starting to regain confidence,” said Stephen Innes of SPI Asset Management.Investors are hoping China will announce a huge stimulus package at its key parliamentary meeting on Wednesday, the National People’s Congress, to stimulate the economy.”In the upcoming National People’s Congress, Chinese policymakers could provide more pro-growth measures including announcing a larger budget deficit target and maintaining a five percent growth target for this year,” said MUFG Bank’s Lloyd Chan.Trump expressed outrage on Monday over the weakening of certain currencies, accusing Beijing and Tokyo of using it as a trade strategy, although the Japanese government fiercely refuted the claim.The oil market also saw sharp declines, with West Texas Intermediate crude falling to $68 per barrel, and Brent crude from the North Sea dropping to $71.06 per barrel at around 0200 GMT.Bitcoin’s price plunged nearly 10 percent on Monday as concerns of an escalating trade war pushed investors to seek safer investments.Bitcoin and similar digital assets had surged over the weekend after Trump suggested creating a national cryptocurrency reserve.”Everything is getting sold,” Forexlive manager Adam Button said. “There’s a de-risking that’s unfolding” among crypto investors, he said.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.84 percent at 37,090.72 (break)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 22,706.40Shanghai – Composite: DOWN 0.2 percent at 3,310.14Euro/dollar: UP at 1.0485 from $1.0419 on MondayPound/dollar: UP at $1.2694 from $1.2612 Dollar/yen: DOWN 149.32 from 150.28 yenEuro/pound: DOWN at 82.60 pence from 82.62 pence West Texas Intermediate: DOWN 0.42 percent at $68.08 per barrelBrent North Sea Crude: DOWN 0.66 percent at $71.15 per barrelNew York – Dow: DOWN 1.5 percent at 43,191.24 (close)London – FTSE 100: UP 0.6 percent at 8,809.74 (close)