US said it would slap tariffs on Europe-made planes, liquor and cheese as punishment for illegal EU aircraft subsidies.
Indian stocks followed their Asian peers lower on Thursday, as the United States said it would slap tariffs on European goods, adding to slowdown worries at a time when the US-China trade war is already hurting global economic growth.
The United States said on Wednesday it would slap tariffs on Europe-made planes, liquor and cheese as punishment for illegal EU aircraft subsidies.
The move follows tariffs levied by the United States and China on hundreds of billions of dollars of each other’s goods in their more than year-old trade war, which has disrupted supply chains and weighed on global markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.63% by 0427 GMT.
India’s broader NSE Nifty was down 0.30% at 11,325.60, while the benchmark BSE Sensex had fallen by 0.32% to 38,183.36.
While metal stocks led Indian stock indexes lower, shares in lender Yes Bank recovered after a bruising fall to a more than one-decade low earlier this week.
The Nifty metals index fell 2.35%, with Hindalco Industries Ltd declining the most – down 4.5%.
Yes Bank shares rose 22.5% and were on course for their best one-day gain in six months, after Chief Executive Officer Ravneet Gill said before the opening bell that the lender was on a firm financial footing.
Source : hindustantimes