India, June 2 -- Asian stocks closed mostly lower in thin trading on Monday, with mainland China, New Zealand and Malaysian markets closed for holidays.
Trade tensions returned to the fore as Beijing accused U.S. of violating the Geneva trade truce over chip curbs and the Trump administration announced it will double the current tariff rate on steel and aluminum imports from 25 percent to 50 percent.
Escalating Russia-Ukraine tensions and disappointing manufacturing data from China, Japan and South Korea for May also kept investors on edge.
Oil prices jumped over 2 percent in Asian trading as Ukraine launched a major drone strike, destroying 40 key Russian aircraft, further reducing the prospects for an end to the fighting.
Gold also ju...