Asian markets tumble after Wall Street battering as China retaliates

HONG KONG: Asian markets extended a global sell-off on Tuesday following hefty losses on Wall Street that came in response to China's hike in tariffs on US$60 billion of US imports, ramping up tensions in a trade war between the global economic titans.

The retreat came after the Nasdaq on Wall Street suffered its worst day of 2019 and the Dow ended at its lowest point in more than three months.After announcing the higher tariffs, the editor of Communist Party-owned Chinese newspaper Global Times warned Beijing could also hit the US by offloading Treasuries, ending US agricultural purchases and reducing orders for Boeing airplanes.

"An eventual agreement still seems the most likely outcome, although political miscalculation is a rising risk," said Paul Christopher, head of global market strategy at Wells Fargo Investment Institute.

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