Asian stocks, dollar slip as tariff tensions surge

Asian share markets and the dollar slipped on Monday as US-China trade tensions continued to simmer, while investors turned defensive ahead of key US jobs data and a widely expected cut in European interest rates.

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Shares in South Korean and Vietnamese steelmakers, major Asian exporters of the metal to the United States, dropped in reaction to President Donald J. Trump’s threat late Friday to double tariffs on imported steel and aluminum to 50%, starting June 4. The move drew criticism from European Union (EU) negotiators.

Speaking on Sunday, Treasury Secretary Scott Bessent said Mr. Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals.

Beijing then forcefully rejected Mr. Trump’s trade criticism, suggesting a call might be some time coming.

White House officials also continued to play down a court ruling that Mr. Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners.

"The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan.