Asian stock markets experienced a significant decline on Thursday following the announcement by US President Donald Trump of new reciprocal tariffs on several US trade partners. The tariffs, which range from 10% to 50%, were announced by Trump on April 2, a day he referred to as “Liberation Day.”
Under the new tariffs, China faces a 34% levy on its exports to the US, Japan will see a 24% tariff, India’s products will be taxed at 26%, and South Korea’s exports will incur a 25% charge. This move has sparked widespread condemnation from affected countries.
China's Commerce Ministry quickly criticized the tariffs, calling them “typical unilateral bullying” and signaling plans to implement countermeasures. A ministry spokesperson stated, “History shows that increasing tariffs cannot solve the United States' own problems. It harms US interests and endangers global economic development as well as industrial and supply chain stability.”
Japanese Prime Minister Shigeru Ishiba also expressed disappointment, describing the 24% tariff on Japanese goods as “extremely unfortunate.” Tokyo has urged Washington to reconsider the decision and may consider retaliatory measures in response.
The tariffs sent shockwaves through Asian markets, with the Japanese Nikkei 225 dropping 2.7% to 34,712. South Korea’s Kospi Index fell by 1.2% to 2,475, while China’s Shanghai Composite Index slid 0.3% to 3,339. Hong Kong’s Hang Seng Index lost 1.8% to 22,776, and India’s Sensex Index dropped 0.3% to 76,376.
Despite the market downturn, there were some positive signs in economic data from the region. Japan’s services Purchasing Managers' Index (PMI) for March was 50, slightly above expectations, while its composite PMI stood at 48.9. China’s Caixin services PMI reached 51.9, exceeding forecasts, with its composite PMI standing at 51.8.
The latest round of tariffs is expected to further strain global trade relations and could contribute to increased volatility in international markets, particularly in Asia.
China has cautioned Manila, the capital of the Philippines, against relying on foreign support in the South China Sea dispute, following critical remarks from the EU.
South Korea’s new president Lee Jae-myung wasted no time addressing economic concerns, launching his first cabinet meeting with an urgent focus on reviving the economy and supporting struggling households.
More than 1,800 people have been arrested in a major anti-scam operation across seven Asian jurisdictions, including Hong Kong, Singapore, South Korea, Thailand, Malaysia, the Maldives, and Macao, authorities announced on Tuesday.
Stock markets across Asia tumbled Monday after U.S. President Donald Trump announced a new round of tariff hikes on Chinese imports, sparking renewed fears of a deepening U.S.–China trade war.
Asia’s manufacturing sector shrank in May as weak demand from China and rising U.S. tariffs hit exports and clouded the region’s economic outlook.
As the International Atomic Energy Agency (IAEA) Board of Governors convenes in Vienna this week, Iran faces mounting pressure on two fronts—fighting to avoid the reinstatement of UN nuclear sanctions and seeking relief from unilateral US sanctions—amid stalled indirect negotiations with Washington
An Australian journalist reporting live from the Los Angeles protests on Sunday was struck by a rubber bullet fired by a police officer, an incident that has highlighted the growing dangers faced by media personnel covering civil unrest.
A Qantas A380 flying from London to Singapore made an emergency landing at Baku’s Heydar Aliyev International Airport after a passenger onboard required urgent medical attention.
U.S. President Donald Trump has issued a directive to "liberate Los Angeles from the Migrant Invasion," as protests against immigration enforcement continue in the city, reportedly involving clashes between demonstrators and law enforcement.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 9th, covering the latest developments you need to know.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 8th, covering the latest developments you need to know.
Presidential candidate Miguel Uribe Turbay is in critical condition after being shot three times — including twice in the head — during a campaign event in Bogotá.
Israel’s military says it has identified the body of top Hamas commander Mohammed Sinwar beneath a hospital in southern Gaza.
A 30-year-old woman was shot by police in Munich on Saturday evening after stabbing two people at Theresienwiese, a central park best known for hosting Oktoberfest.
Ukraine’s Security Service (SBU) has confirmed it carried out a third targeted attack against the Crimean Bridge, also known as the Kerch Bridge, early Tuesday morning, marking a new escalation in the ongoing conflict with Russia.
Global food commodity prices experienced a notable decline in May, driven by significant drops in the cost of grains, sugar, and vegetable oils, the United Nations' Food and Agriculture Organization (FAO) reported on Friday.
Germany’s new government has launched a major program aimed at boosting investment and helping Europe’s largest economy recover after two years of decline.
The European Central Bank has reduced its three key interest rates by 25 basis points, aligning with expectations and reflecting progress toward its inflation target.
Centrica, owner of British Gas, has agreed to a £20 billion deal with Norway’s Equinor to supply nearly 10% of the UK’s gas needs annually for the next decade, supporting energy security while paving the way for future hydrogen integration.
Tesla’s shares declined by about 14.2% on Thursday, reducing the company’s market value by roughly $152 billion, as Elon Musk and Donald Trump publicly exchanged criticisms on social media.
As the International Atomic Energy Agency (IAEA) Board of Governors convenes in Vienna this week, Iran faces mounting pressure on two fronts—fighting to avoid the reinstatement of UN nuclear sanctions and seeking relief from unilateral US sanctions—amid stalled indirect negotiations with Washington
An Australian journalist reporting live from the Los Angeles protests on Sunday was struck by a rubber bullet fired by a police officer, an incident that has highlighted the growing dangers faced by media personnel covering civil unrest.
A Qantas A380 flying from London to Singapore made an emergency landing at Baku’s Heydar Aliyev International Airport after a passenger onboard required urgent medical attention.
U.S. President Donald Trump has issued a directive to "liberate Los Angeles from the Migrant Invasion," as protests against immigration enforcement continue in the city, reportedly involving clashes between demonstrators and law enforcement.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 9th, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment