India, April 6 -- Asian stock markets are in a blood bath on Monday, following the broadly negative cues from Wall Street on Friday, amid ongoing concerns about a global trade war after China announced retaliatory tariffs on U.S. goods in reaction to U.S. President Donald Trump's new levies that could fuel inflation and damage the global economy. Asian markets closed mostly lower on Friday.
China announced a 34 percent tariff will be imposed on all imported goods from the U.S. as of April 10, while Canada and the European Union are also preparing countermeasures.
The new tariff matches the "reciprocal tariff" Trump plans to impose on China, although the country will face a 54 percent effective rate when the new levies are combined with ex...