The US confirms that Trump’s tariff hikes brought the additional rate on many Chinese products to 145%
[SINGAPORE] Singapore shares declined more than 3 per cent after the market opened on Friday (Apr 11), as tariff uncertainty returned.
The US confirmed on Thursday that President Donald Trump’s tariff hikes brought the additional rate on many Chinese products to 145 per cent.
The Straits Times Index was last down 3.2 per cent to 3,465.15, with losers outpacing gainers 178 to 40. Securities traded totalled 102.4 million worth S$239.3 million.
Singapore’s trio of banks were down at the market open. DBS was down 4.5 per cent or S$1.80 at S$37.87. OCBC fell 4.2 per cent or S$0.65 to S$14.78 and UOB declined 3.3 per cent or S$1.10 to S$32.11.
Other STI constituents suffered losses on Friday. Ground handler Sats retreated 6.4 per cent or S$0.17 to S$2.48. Seatrium tumbled 4.6 per cent or S$0.08 to S$1.66. Chinese vesselmaker Yangzijiang Shipbuilding fell 2.6 per cent or S$0.05 to S$1.89.
An exception was bourse operator Singapore Exchange (SGX), which gained 0.2 per cent or S$0.03 to S$12.58. This comes as trading activity surged over the week, climbing to levels above SGX’s securities daily average volume for March, after tariffs kicked in over the weekend.
US markets tumbled again on Thursday, after a relief rally on Wednesday. The S&P 500 was down 3.5 per cent at 5,268.05, after soaring 9.5 per cent on Wednesday, while the Dow Jones Industrial Average dropped 2.5 per cent to 39,593.66 and the Nasdaq Composite dived 4.3 per cent to 16,387.31.
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