China World Trade Center.
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Japanese stocks fell more than 2% to lead declines in Asia-Pacific markets, after U.S. President Donald Trump made it clear that tariffs on Mexico and Canada would go into effect as planned.
The benchmark Nikkei 225 index plunged 2.43%, while the broader Topix index lost 1.48%.
Japan’s employment rate for January came in at 2.5%, slightly higher than Reuters’ estimates of 2.4%.
South Korea’s Kospi index was down 0.13% in choppy trade, while the small-cap Kosdaq retreated 1.42%.
The country’s retail sales for January fell 0.6% from the previous month. Revised estimates show a rise in the 0.2% rise in the metric in December.
Hong Kong’s Hang Seng index started the day 1.58% lower.
Investors will be keeping a watch on Chinese stocks ahead of the country’s annual parliamentary gathering, known as the “Two Sessions,” which will kick off later in the day. Mainland China’s CSI 300 index dipped 0.59% at the open.
Australia’s S&P/ASX 200 was trading 1.07% lower.
The country’s retail sales for January rose 0.3% in line with Reuters estimates. Retail sales had declined 0.1% in December.
Overnight in the U.S., all three major indexes fell as Trump reiterated that 25% levies on imports from Mexico and Canada would go into effect Tuesday stateside.
The S&P 500 fell 1.76% to end the day at 5,849.72. This marks its worst day since December and brings its year-to-date performance to a loss of about 0.5%. The Dow Jones Industrial Average dropped 649.67 points, or 1.48%, to finish at 43,191.24. The Nasdaq Composite slid 2.64% to close at 18,350.19, weighed down by Nvidia‘s decline of more than 8%.
— CNBC’s Alex Harring and Yun Li contributed to this report.