April 4, 2018 / 6:28 AM / a year ago

Sensex, Nifty end lower as U.S.-China trade spat escalates

A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai, March 4, 2015. REUTERS/Shailesh Andrade/Files

(Reuters) - Indian shares erased earlier gains to end lower on Wednesday on renewed fears of a global trade war after China retaliated against U.S. tariffs by imposing additional duties on $50 billion of U.S. goods.

China will impose additional tariffs of 25 percent on 106 U.S. goods including soybeans, autos, chemicals, some types of aircraft and corn products, among other agricultural goods, the finance ministry said.

The escalating Sino-U.S. trade tensions also dragged down global equity markets, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.31 percent as of 1008 GMT. U.S. stocks futures and European stocks also extended their fall.

The broader NSE Nifty was down 1.14 percent at 10,128.40, while the benchmark BSE Sensex was 1.05 percent lower at 33,019.07.

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sunil Nair

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