U.S. President Donald Trump said Tuesday that Washington and Beijing have a long way to go on trade, adding that America could place tariffs on an additional $325 billion worth of Chinese goods if needed.
Meanwhile, U.S. Federal Reserve Chairman Jerome Powell on Tuesday reiterated his pledge to "act as appropriate" to keep the economic expansion going. His comments come amid expectations that the central bank could cut interest rates at its monetary policy meeting later in July.
Stocks in Asia were set to decline on Wednesday following overnight developments on the US-China trade front.in Japan. The Nikkei futures contract in Chicago was at 21,465, as compared to the index's last close at 21,535.25. Shares in Australia were also set to trade lower, with the SPI futures contract at 6,569.0, as compared to the S&P/ASX 200's last close at 6,641.00.
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