Asian shares were on the defensive on Tuesday as stringent curbs on travel to the US ordered by President Donald Trump brought home to investors that he is serious about putting his radical campaign pledges into action.
Global stocks posted their biggest loss in six weeks after Trump signed an executive order on Friday to bar Syrian refugees indefinitely and suspend travel to the United States from seven Muslim-majority countries, sparking widespread protests.
The move drew criticism from some US. Policymakers and business leaders, including the chief executives of Goldman Sachs and Ford Motor, and irked many foreign leaders.
“His stance is really inward-looking, making investors nervous about his ‘moderateness’,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.