Asia shares slip on soft China sales, Wall St. futures

SYDNEY - Wall Street share futures slipped with the dollar on Monday, while Treasury yields rose as concerns about erratic US economic policies were underlined by Moody’s downgrade of the country’s credit rating.

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Asian shares also fell as a mixed bag of Chinese economic data showed the domestic economy was struggling even as US tariffs began to bite into exports, while the White House kept up its rhetorical pressure on trade partners.

US Treasury Secretary Scott Bessent used television interviews on Sunday to dismiss the Moody’s downgrade, while warning trade partners they would be hit with maximum tariffs if they did not offer deals in “good faith.”

Unease over the United States’ $36 trillion of debt has also mounted as Republicans got closer to passing a sprawling package of tax cuts, which some estimate could add $3 trillion to $5 trillion in new debt over the next decade.

Mr. Bessent is off to a G7 meeting this week for more talks, while US Vice-President JD Vance and European Commission President Ursula von der Leyen met on Sunday to discuss trade.