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Asian stock markets experienced a sharp decline on Monday as renewed trade tensions between the United States and China disrupted a period of relative calm on Wall Street. The downturn followed President Donald Trump’s threat to impose higher tariffs on Chinese goods, signaling a potential escalation in the ongoing trade conflict between the world’s two largest economies. This move came in response to Beijing’s restrictions on the export of rare earth materials, which are essential for manufacturing a wide range of products, from consumer electronics to jet engines. Despite the turmoil, U.S. futures showed signs of recovery, with the S&P 500 contract rising 1.2% and the Dow Jones Industrial Average gaining 0.8%. Meanwhile, China reported a 8.3% year-on-year increase in global exports for September, marking the strongest growth in six months. However, exports to the U.S. plummeted by 27%, according to customs data. In Hong Kong, the Hang Seng Index fell 3.5%, while other major regional markets, including the Shanghai Composite and South Korea’s Kospi, also recorded significant losses. The S&P 500 had already suffered its worst day since April, dropping 2.7% on Friday, as investors reacted to the renewed trade hostilities. Trump’s comments on Truth Social further fueled concerns, as he hinted at canceling a planned meeting with Chinese President Xi Jinping during an upcoming trip to South Korea. The market’s decline was widespread, with nearly all sectors, including Big Tech and smaller companies, experiencing losses. Critics have warned that stock prices, particularly in the artificial intelligence sector, may be overvalued, drawing comparisons to the dot-com bubble of 2000. In the oil market, prices initially fell due to a ceasefire between Israel and Hamas but later rebounded. The bond market also saw a drop in yields, reflecting broader economic uncertainty. The dollar weakened slightly against the yen, while the euro gained ground.

The Dutch government has made a rare decision to intervene in the operations of Nexperia, a Chinese-owned semiconductor manufacturer based in the Netherlands, citing potential risks to Dutch and European economic security. The move, announced on Sunday, underscores growing tensions between the European Union and China, particularly in the realm of trade and technology. Nexperia, which produces chips for automobiles and consumer electronics, has faced scrutiny in recent months, including being forced to sell its silicon chip plant in Newport, Wales, due to national security concerns raised by UK officials. The Dutch government invoked its Goods Availability Act, a legal mechanism designed to address serious governance issues and ensure the supply of critical goods. While Nexperia’s production will continue as usual, the intervention aims to safeguard crucial technological knowledge and capabilities in the Netherlands and Europe. The decision has already impacted Nexperia’s parent company, Wingtech, whose Shanghai-listed shares dropped by 10% on Monday. Wingtech, which is on the US ‘entity list,’ faces restrictions on importing American-made goods without special approval. This development highlights the escalating geopolitical tensions surrounding semiconductor supply chains and China’s global tech ambitions.

China’s trade dynamics in September presented a mixed picture, with global exports surging to a six-month high while exports to the United States continued their downward spiral. According to customs data released on Monday, China’s worldwide exports rose by 8.3% year-on-year, reaching $328.5 billion, significantly exceeding economists’ expectations and marking a notable improvement from August’s 4.4% growth. However, exports to the U.S. plummeted by 27% compared to the previous year, marking the sixth consecutive month of decline and following a 33% drop in August. Imports also showed improvement, growing by 7.4% in September, up from a modest 1.3% increase in August, though domestic economic challenges and a struggling real estate sector continue to dampen demand. The ongoing trade tensions between Beijing and Washington have cast a shadow over the outlook, with both sides imposing new tariffs and retaliatory measures. U.S. President Donald Trump’s policies aimed at reshoring manufacturing have pressured Chinese exports to the U.S., prompting China to diversify its markets. Shipments to Southeast Asia grew by 15.6%, while exports to Latin America and Africa surged by 15% and 56%, respectively. Despite these efforts, the external environment remains fraught with uncertainty, as highlighted by Wang Jun, vice minister of China’s customs agency, who emphasized the need for sustained efforts to stabilize trade in the fourth quarter. Analysts like Gary Ng of Natixis point to the resilience of China’s exports due to low costs and limited global alternatives but warn that escalating export controls could have a more prolonged impact on supply chains. Recent developments, including Trump’s threats of additional tariffs and export controls on critical software, coupled with China’s retaliatory measures such as new port fees and extended export controls on lithium-ion batteries and rare earths, have further strained relations. These tensions could jeopardize a planned meeting between Trump and Chinese President Xi Jinping in late October and underscore the lack of progress in reaching a comprehensive trade agreement.