Global markets today: Nikkei, Kospi falls after Trump’s tariffs on Indonesia

Global markets today: Asian markets declined after U.S. President Donald Trump announced on Tuesday that a preliminary trade deal had been reached with Indonesia, under which a 19% tariff would be imposed on Indonesian exports to the United States.

Japan's Nikkei 225 opened flat, while the Topix index dipped 0.11 per cent as of 8:04 p.m. ET on Wednesday, July 16.

South Korea's Kospi dropped 0.5 per cent, and the Kosdaq index slipped 0.56 per cent. Meanwhile, Australia’s S&P/ASX 200 fell by 0.82 per cent.

“We will pay no tariffs. So they are giving us access into Indonesia, which we never had. That’s probably the biggest part of the deal. And the other part is they are going to pay 19 per cent,” US President Donald Trump said.

Indonesia's central bank is scheduled to announce its policy decision later today.

The Nasdaq Composite closed at a new record high on Tuesday, driven by a surge in Nvidia shares, while other major Wall Street indices declined amid a lukewarm response to a key inflation report and mixed bank earnings.

Artificial intelligence chipmaker Nvidia was the main driver of the Nasdaq’s rise, climbing 4 per cent after announcing it would restart sales of its H20 AI chip in China.

This marked the fourth record close in five sessions for the tech-focused Nasdaq, and the eighth since June 27.

The Nasdaq rose by 37.47 points, or 0.18 per cent, ending at 20,677.80. In contrast, the Dow Jones Industrial Average dropped 436.36 points, or 0.98 per cent, to close at 44,023.29, and the S&P 500 slipped 24.80 points, or 0.40 per cent, to 6,243.76.

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