investingLive Asia-pacific news wrap: Global tech stocks rout raises growth concerns

US Democrats are reportedly targeting President Trump's tariffs on Canada as the first step towards rolling back parts of his administration's trade policy. Senator Wyden said there is overwhelming support for repealing tariffs on Canadian products. Meanwhile, BoC Governor Macklem said he remains optimistic about lower US tariffs but cannot rule out further escalation before trade conditions improve.President Trump, in a Truth Social post, acknowledged the sharp equity market sell-off, saying stocks had suffered one of their worst days ever but would ultimately become bigger and stronger.War Secretary Hegseth could reportedly face an impeachment vote as soon as next week. Secretary of State Rubio denied reports that he was considering leaving the administration, saying he intended to remain until the end of Trump's term. Texas Governor-elect said data centre development should be halted until measures are introduced to protect residents.The US-Iran situation remained mostly unchanged, with President Trump saying Washington needed to decide whether to take further action against Tehran, while adding that he would prefer not to destroy the rest of Iran.According to Axios, Trump met with his national security team before making the comments, while CENTCOM is reportedly finalising preparations for potentially resuming major combat operations. However, no new directive has been issued.Diplomatic efforts continue. Iran reportedly submitted a new nuclear proposal to the US through Qatar, but a senior Iranian official said Tehran would only discuss it once Washington meets its seven demands. Fars News also reported that Iran does not envisage further diplomatic steps until those conditions are met.The NYT reported that Iran is reviewing concrete proposals from mediators concerning its nuclear programme, with Vice President Vance reportedly emerging as a key supporter of Qatar-led mediation efforts.Nevertheless, US military strikes remain an option, with reports suggesting Trump could consider limited strikes against Iranian nuclear facilities rather than broader attacks on energy infrastructure.Asian governments signalled their readiness to respond to heightened financial market volatility following the global equity sell-off. South Korea's finance minister said authorities would take necessary measures to prevent excessive market reactions and significant deviations from fundamentals. The government also announced a three-month easing of margin requirements.Taiwan ordered regulators to closely monitor equity markets and prepare flexible stabilisation measures. Meanwhile, Japanese PM Takaichi said the government was considering support payments for more than 30% of workers.In Canada, the government proposed total borrowing of CAD 611bln for 2027/28, up from CAD 587bln in 2026/27. However, deficit projections were revised lower across the forecast horizon. The government also lowered its GDP growth forecasts for 2026 and 2027.Looking ahead, the focus will remain on the fallout from the US midterm elections and the developments in the US-Iran war.  This article was written by Giuseppe Dellamotta at investinglive.com.