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Asia stocks slide as US-China trade war intensifies

Fresh tariffs to hit wide assortment of industries and consumer products

Tokyo stocks fell by more than 400 points for a moment early on May 14 as investors reacted to the U.S.'s ratcheting up of its trade war with China. 

TOKYO -- Asian equities fell sharply on Tuesday after the U.S. announced a new round of high tariffs targeting $300 billion of Chinese exports to the U.S.

The Office of the U.S. Trade Representative on Monday announced a 25% levy on more than 3,800 items that would apply to $43.2 billion worth of smartphones and $37.5 billion worth of laptop computers.

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