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Singapore shares sink 3% amid Asia rout after Trump escalates on China tariffs

Singapore shares sink 3% amid Asia rout after Trump escalates on China tariffs

SINGAPORE – Investors ran for the exits on Monday (May 6) as the threat of a full-blown trade war unexpectedly reared its head overnight.

The Straits Times Index (STI) skidded 3 per cent or 101.67 points to close at 3,290.62, after US President Donald Trump tweeted that he plans to to ratchet up tariffs on Chinese imports on Friday, upending markets that had expected a resolution to trade talks within the month.

According to Singapore Exchange data, this is only the third time in the last five years that the index has plunged 3 per cent or more in a single session, with the previous times being in August 2015 and January 2016.