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Market panic mounts as world scrambles to temper Trump tariffs
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Harman keeps calm in the winds to clinch Texas Open
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Doncic scores 30 as Lakers rout Thunder
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Qualifier Brooksby stuns Tiafoe to win first ATP title
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McLaughlin-Levrone seals Grand Slam jackpot with 400m victory
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Juventus miss out on Serie A's top four with Roma draw
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Marseille, Strasbourg win in Ligue 1 to close in on Champions League
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Pegula wins WTA Charleston after Kenin collapse
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Second US child dies of measles, almost 650 ill: officials
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Thousands attend funeral of legendary Malian musician Amadou
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Gaza rescuers say Israeli strikes kill 44
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Alcaraz admits pressure to take Sinner's number one ranking 'killed' him
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US storms, 'devastating' flooding death toll climbs to 17
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Ovechkin achieves the 'impossible'
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Comeback man Siraj's 4-17 helps Gujarat to hat-trick of IPL wins
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Ovechkin scores 895th goal to clinch all-time NHL record
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No 'killer instinct' as Man Utd, Man City play out derby stalemate
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Siraj's 4-17 helps Gujarat to hat-trick of IPL wins
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Man City held by Man Utd in derby stalemate
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'Minecraft Movie' strikes gold to dominate N.America box office
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World scrambles to temper Trump tariffs as market fears mount
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Strasbourg close in on Champions League with Ligue 1 win at Reims
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Toulouse overpower Sale to reach rugby Champions Cup last eight
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Slot shocked by sloppy Liverpool errors in Fulham defeat
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Zelensky slams US lack of response to Putin truce rejection
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Juric urges Southampton to learn from record-setting relegation
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Italian director Moretti leaves hospital after heart attack
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Chelsea's 'unfair' schedule to blame for Palmer axe: Maresca
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Barrios grabs Atletico late Liga win at Sevilla
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Le Pen slams 'witch hunt', vows not to give up at Paris rally
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Liverpool's rare loss delays title march, Southampton relegated
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World scrambles to temper Trump tariffs: White House
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Southampton relegated from Premier League in record time
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Fulham end Liverpool unbeaten league run to delay title party
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Torrential rains kill dozens in DR Congo capital
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Pogacar wins Van der Poel duel at cycling's Tour of Flanders
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Djokovic plays down Monte Carlo hopes after eye infection
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Israel targets Hezbollah in south Lebanon as US envoy visits
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Bumrah 'available' for Mumbai's IPL clash with Bengaluru
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Bordeaux book Champions Cup quarter-final with victory over Ulster
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Israel's Netanyahu ends Hungary visit, heads to US
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Fiji and New Zealand seal sevens wins in Singapore
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Le Pen invokes Martin Luther King ahead of far-right Paris rally
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Zelensky says attacks 'increasing' as 2 killed in missile and drone attacks
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Vietnam seeks US tariff delay as economic growth slows in first quarter
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Recovering Pope surprises crowd at Vatican square
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UK readies to protect industry as US tariffs upend global order: Starmer
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Tsunoda has 'mixed feelings' after 12th-place Red Bull debut
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France's far-right, leftwingers rally supporters after Le Pen conviction
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Hamilton says Ferrari still off the pace in Japan
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Asian markets swing as Trump revives tariff fears on taking office
Asian markets saw big fluctuations Tuesday as Donald Trump took office warning he could impose stiff tariffs on Canada and Mexico next month but appeared to delay any action against China for now.
The new US president's announcement that the country's closest neighbours could be hit with 25 percent levies as soon as February 1 also jolted currency markets, with the Mexican peso and Canadian dollar tumbling.
His comments came amid the signing of a slew of executive orders that indicated he could resume his hardball approach to global diplomacy and trade, including pulling out of the Paris climate accord and the World Health Organization.
He also gave social media app TikTok 75 days to find a buyer for its US business, after it missed a deadline Saturday ordering its Chinese owners ByteDance to sell its US subsidiary to non-Chinese buyers or be banned.
"We're thinking in terms of 25 percent on Mexico and Canada, because they're allowing vast numbers of people -- Canada's a very bad abuser also -- vast numbers of people to come in, and fentanyl to come in," he said in the Oval Office.
He had earlier said he would "immediately begin the overhaul of our trade system to protect American workers and families".
"Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens," he announced in his inaugural address.
Markets in Asia and Europe had enjoyed a healthy run-up Monday -- with Frankfurt hitting another record -- on hopes Trump would take a more gradual approach to trade policy, after news of positive talks with Chinese President Xi Jinping added to the optimism.
However, his warning to Ottawa and Mexico City dealt a blow to sentiment, sending most Asian markets into the red.
Shanghai, Singapore, Seoul, Wellington and Taipei fell while Tokyo was slightly higher but off earlier highs. Hong Kong also edged up with Sydney and Manila.
The dollar, which had weakened across the board Monday, bounced against its major peers, but its biggest gains were against the Mexican peso and Canadian dollar, with the latter at its weakest since the start of 2020 during the pandemic.
Charu Chanana, chief investment strategist at Saxo Markets, said: "The tariff respite was short-lived, as expected, with the latest headline signalling that tariffs have been delayed but not averted.
"However, it seems like Canada and Mexico are in the focus but negotiation hopes are kept alive for China, suggesting China markets may still be supported."
Wall Street was shut Monday for the Martin Luther King holiday, but US stock futures were solidly higher.
- Key figures around 0200 GMT -
Tokyo - Nikkei 225: UP 0.1 percent at 38,951.50
Hong Kong - Hang Seng Index: UP 0.3 percent at 19,993.57
Shanghai - Composite: DOWN 0.3 percent at 3,234.21
Euro/dollar: DOWN at $1.0380 from $1.0404 on Monday
Pound/dollar: DOWN at $1.2284 from $1.2302
Dollar/yen: UP at 155.83 yen from 155.67 yen
Euro/pound: DOWN at 84.51 pence from 84.56 pence
West Texas Intermediate: DOWN 1.5 percent at $76.74 per barrel
Brent North Sea Crude: DOWN 0.1 percent at $80.11 per barrel
New York - Dow: Closed for public holiday
London - FTSE 100: UP 0.2 percent at 8,522.41 (close)
P.Hernandez--AT