Asian markets plummeted Monday as the Chinese yuan fell sharply, days after US President Donald Trump's vow to impose fresh
tariffs on goods from
China sent trade war fears soaring.
Trump's announcement, which came on Thursday, means virtually all of the $660 billion in annual merchandise trade between the world's two biggest economies will be subject to punitive tariffs, with the latest duties due to take effect September 1.
In China, the yuan dropped to its lowest level to the dollar since August 2010, fuelling speculation that
Beijing was devaluing its currency to support exporters and offset Trump's latest threat to hit $300 billion in Chinese goods with 10 percent tariffs.