Asian equities decline as markets brace for potential Trump tariffs

Asian equities fell on Friday, with many markets facing significant monthly losses. South Korea's shares dropped 1.4%, while Singapore's declined 0.5%. Indonesia and the Philippines are on track for their worst months since 2020 and 2022, respectively. The decline is attributed to concerns over potential U.S. tariffs under President-elect Donald Trump. He plans to impose a 25% tariff on goods from Mexico and Canada and a 10% tariff on Chinese products, affecting Asian economies. The South Korean won has lost 7.8% this year, prompting the Bank of Korea to cut interest rates. Meanwhile, Brazil's real hit a record low amid domestic economic issues, while the Mexican peso saw a slight decline.