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Asian and US markets experienced declines due to escalating trade tensions. President Trump's announcement of doubled tariffs on steel and aluminum, alongside accusations of broken agreements with China, fueled investor uncertainty. Asian stocks fell 0.4%, S&P 500 futures dipped 0.2%, and Hong Kong shares opened down 1.1%. Gold, a safe haven asset, saw a 0.6% increase.

Prepared by Christopher Adams and reviewed by editorial team.