Asian stocks' average forward 12-month price-to-earnings ratio (P/E) fell to 11.1 times at the end of last week, compared with about 12.7 times a month ago, Refinitiv data showed.

Fears about trade war damage worsened after President Donald Trump said he would slap a 10% tariff on the remaining $300 billion (£249.11 billion) of Chinese imports not already covered by extra duties, starting Sept. 1.

"Trade tension appears to be well-priced, but we think rebound potential is low given our no-deal baseline," said Goldman Sachs in a report over the weekend.

"We no longer expect a trade deal before the November 2020 US presidential election," the brokerage said.

Through Aug. 9, MSCI's broadest index of Asia-Pacific shares ex-Japan <.MIAP00000PUS> had fallen 3.9% this month.

China, Hong Kong and India stocks saw the biggest declines in P/E ratios over the past one month, the data showed.

Despite the sharp fall, Indian shares remained the priciest in the region, with an average forward price/equities ratio of 16.06, highest among its regional peers, followed by Malaysia with a P/E of 15.49.

China stocks were trading at a P/E of 9.05, lowest in the region.

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Richard Borsuk)