Asian stock markets are a sea of red on Monday, following the broadly negative cues from Wall Street on Friday, after news the US tariffs were put in place over the weekend, which led to concerns about higher inflation that will force the US Fed to put a hold on interest rate cuts for longer. Asian markets closed mostly higher on Friday.
White House press secretary Karoline Leavitt confirmed President Donald Trump's threatened tariffs will be levied against major U.S. trading partners beginning on Saturday February 1. Leavitt said the Trump administration will be implementing 25 percent tariffs on Mexico and Canada as well as a 10 percent tariff on China. Tariffs on oil and gas are likely by February 18. They also threatened 100% tariffs on BRICS nations over dollar replacement moves.
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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.