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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)

Workers’ rights, a housing crisis and marital disputes are among the issues that China’s leaders will discuss at annual political meetings that open Tuesday in Beijing.The ruling Communist Party will use the conclave known as the “Two Sessions” to rubber-stamp a raft of pre-approved legislation, with little expectation of any meaningful opposition as voting is tightly controlled.But the 5,000 national delegates can also take advantage of the occasion in the capital to garner support for pet projects that may make it into law in the future.Here are some of this year’s proposals: – Changing workforce -China is grappling with a slowing economy and a rapidly changing labour force, as young people struggle to find jobs while a vast cohort of older workers approaches retirement.Gan Huatian, a representative of the Chinese People’s Political Consultative Conference (CPPCC) from southwestern Sichuan province, said he would propose a law penalising employers engaging in “academic discrimination” against graduates from lower-ranking universities, according to a local news outlet.Li Dongsheng, a deputy to the National People’s Congress (NPC), wants to see lower social security contributions for “flexible” workers — a precarious group that has grown with booming delivery services, China News Service reported.China last year hiked its retirement age for the first time in decades.The threshold is due to rise gradually over the next 15 years from 60 to 63 for men, and from 50 to 55 for blue-collar women.NPC representative Feng Tao, of eastern Shandong province, told the Workers’ Daily newspaper that he wanted longer annual leave for those with more than 30 years of experience.- Housing fix -China has struggled to escape a years-long slump in its property sector, a once key driver of growth weighed down by huge debts that have led some developers into default.Beijing has already rolled out a range of measures to help people purchase city homes more easily, to ensure that buyers end up with properties they have purchased in advance.But at least one delegate is addressing it head-on.CPPCC member Zhai Meiqing — an executive at a Hong Kong real-estate conglomerate — told a national financial news outlet she would push for a “trade-in” system.That would see local governments pay residents subsidies to swap their old homes for new ones.- Marriage woes -China’s divorce rate has risen in recent decades, and marriages have been on the decline too — falling by a fifth in 2024, according to official data.For the fifth straight year, CPPCC member Jiang Shengnan plans to speak out against China’s mandatory “cooling-off period” for divorces.The rule, which came into effect in 2021, requires couples who file for divorce to wait 30 days before they can confirm their separation.Jiang, a screenwriter from eastern Zhejiang province, told the Southern Weekly newspaper that the current law especially puts women at greater risk of domestic violence.Meanwhile, Shi Bingqi, a delegate from northern Hebei province, is eyeing a cap on the amount the groom’s family pays brides before the wedding.Shi told the state-run China National Radio (CNR) that rural areas, where the practice is more common, should not allow “sky-high” prices that can be up to twice what the average local person earns in a year.The CPCC is also mulling a proposal that would lower the marriage age — currently 22 for men and 20 for women — to 18, according to state-run nationalist tabloid the Global Times.- Harassment, tattoos, larger font -Other reported proposals run the gamut from the serious to mundane or even bizarre.NPC delegate Fang Yan of northern Shaanxi province has called for parents, teachers and other adults who harm children to face heavier legal punishments, China News Weekly said.Li Ziwei, a delegate from the northeastern rust-belt province of Liaoning, told CNR she would push to tighten a crackdown on people who traffic women and children.She has also suggested imposing heavy penalties on people who force children to get tattoos, saying it might harm their future job prospects in a country where they are traditionally a taboo.And delegate Dai Yin, of central China’s Hunan province, told state broadcaster CCTV she wants leaders to enlarge the font on prescription drug bottles — and simplify their instructions — so that elderly patients can read them more easily.

US President Donald Trump shut down hopes Monday of an eleventh-hour deal with Canada and Mexico to avert sweeping tariffs, while signing an order to further hike duties on China.Trump had unveiled — and then paused — blanket tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.The halt is due to expire Tuesday, and US stock markets tumbled after Trump told reporters Monday there was “no room left” for both countries to avoid the levies.The duties stand to impact over $918 billion worth of US imports from both countries.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.”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 warned it would take countermeasures against the new tariffs to safeguard its own interests.Economists caution that tariffs could raise consumer prices while weighing on growth and employment.Asian markets fell on opening Tuesday, with Japan’s Nikkei index dropping more than two percent and Hong Kong’s Hang Seng down 1.5 percent after Trump’s latest tariff actions. 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.And sweeping duties, particularly on Canada and Mexico, are set to snarl supply chains for key sectors like automobiles and construction materials, risking cost increases to households.This could complicate Trump’s efforts to fulfill his campaign promises of lowering prices for Americans.On Monday, Trump told reporters that 25 percent tariffs on Canada and Mexico were “all set.” Canadian energy goods face a lower rate.”What they’ll have to do is build their car plants, frankly, and other things in the United States,” Trump said.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 believe.But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move, and could trigger lawsuits.- Higher costs -Mexican President Claudia Sheinbaum said her country has contingency plans, whatever decision Trump takes.If Trump continues with his tariff plans, KPMG chief economist Diane Swonk warned: “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.Anecdotally, some builders expect they could face higher costs of $7,500 to $10,000 per newly built single family home, he said.- Industry pushback -Trump’s doubling down on tariffs has already drawn industry pushback.The US-China Business Council, a group of around 270 American firms that do business in China, warned in a statement that sweeping tariffs would hurt US firms, consumers and farmers “and undermine our global competitiveness.””Any use of tariffs should be strategic and targeted, focusing on specific US national security goals and unfair Chinese economic practices,” the council’s president Sean Stein said.The National Retail Federation, meanwhile, warned that as long as tariffs on Canada and Mexico are in place, “Americans will be forced to pay higher prices on household goods.”While Washington has targeted China over chemicals for illicit fentanyl, many of the components have legitimate uses, too — making prosecution tricky. Trudeau has said that less than one percent of the fentanyl and undocumented migrants that enter the United States come through the Canadian border.

Asian markets tumbled on Tuesday after US President Donald Trump heaped tariffs on Chinese imports and warned levies on Mexico and Canada could not be averted.Japan’s Nikkei and Hong Kong’s Hang Seng saw the biggest drop, tumbling more than two percent and 1.5 percent respectively.It comes after the White House said Trump had signed on Monday an executive order to increase a previously imposed 10 percent tariff on China, to 20 percent.The US president also stressed that Canada and Mexico would not avoid being hit with 25 percent levies, causing US stocks to fall on Monday.Canada responded on Tuesday by putting 25 percent tariffs against $155 billion worth of American goods.Beijing also warned on Tuesday that it would take countermeasures against new US tariffs on Chinese imports.”China is strongly dissatisfied with this and firmly opposes it, and will take countermeasures to resolutely safeguard its own rights and interests,” a commerce ministry spokesperson said in a statement.Fears the retaliatory tariffs could escalate into a full-blown trade war, drove markets down across Asia on Tuesday.Japanese automakers with Mexican factories in their supply chain suffered, with Nissan (-2.11%), Toyota (-2.25%), or Honda (-2.12%) among the major losers.Exchanges across Asia mirrored the downward trajectory, with Thailand, Australia, New Zealand and Taiwan dropping around one percent.South Korea, the Philippines and Malaysia also fell.”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, 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 Lloyd Chan, from MUFG bank.Trump expressed outrage on Monday over the weakening of certain currencies and accused Beijing and Tokyo of using it as a trade strategy – a claim fiercely refuted by the Japanese government.The oil market also saw sharp declines with US WTI crude oil falling 0.54 percent to $68 per barrel, and Brent crude from the North Sea dropping 0.77 percent 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, adding: “There’s a de-risking that’s unfolding” among crypto investors.- 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: UP 1.4 percent at 43,840.91 (close)London – FTSE 100: UP 0.6 percent at 8,809.74 (close)