Chinese markets edge down lower

Asian stocks tumbled on Thursday after U.S. President Donald Trump announced a 10 percent universal tariff on most imported goods along with additional high tariffs on countries the U.S. considers "worst offenders" based on trade deficits and non-tariff barriers.

The move that marks one of the boldest protectionist pushes in recent history sparked concerns over inflation and growth.

The new reciprocal rate on China will be added to existing tariffs totaling 20 percent, meaning the true tariff rate on Beijing is 54 percent. Goods from India, South Korea and Australia face tariffs of 26 percent, 25 percent and 10 percent, respectively.

The dollar slid broadly as the latest tariffs drove investors to safe havens such as bonds, the Japanese yen and gold, which touched a new record high.

Oil prices fell more than 3 percent on fears that a global trade war will curtail global economic growth and weigh on fuel demand.

China's Shanghai Composite index dipped 0.24 percent to 3,342.01 cutting early losses amid optimism that a possible increase in fiscal support and pro-business shift will offset trade headwinds from the U.S. An upbeat China Caixin Services PMI report also helped limit overall losses.

Hong Kong's Hang Seng fell 1.52 percent to 22,849.81 amid escalating trade tensions. Tech giants like Alibaba and Baidu fell 5 percent and 2.4 percent, respectively.

China's service sector growth accelerated to a three month-high in March on rising business activity and new orders, survey data from S&P Global showed on Thursday.

The Caixin services Purchasing Managers' Index logged 51.9 in March compared to 51.4 in February. Supported by faster growth in output in both manufacturing and services, the composite output index registered 51.8 in March compared to 51.5 in the prior month.

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