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.
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