Asia-Pacific markets traded in red on Monday amid fears of a global trade war following U.S. tariff measures, triggering a selloff in risk assets. President Donald Trump imposed a 25% tariff on Canadian and Mexican imports and a 10% tariff on Chinese goods,

Korea’s KOSPI index fell by 2.5% on Monday, as Trump’s tariff moves could threaten both South Korea’s export-heavy economy, as well as the supply chains of its major manufacturers. Electronics giants Samsung and LG, and automakers Kia and Hyundai, all have manufacturing facilities in Mexico.

Asian oil refiners could emerge as winners from the US tariffs, analysts say, with S-Oil and others in the sector faring better than the broader market. Mr Trump’s trade levies on Canadian and Mexican oil imports may give Asian refineries an edge over their US rivals, while their profit margin is helped by higher product prices. BLOOMBERG