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.
Several people were injured on Sunday evening when two trains collided in Slovakia’s main rail corridor between Bratislava and Pezinok, police said,...
BBC Director General Tim Davie and News Chief Deborah Turness have resigned after mounting criticism over alleged political bias at the broadcaster, i...
McLaren’s Lando Norris strengthened his grip on the Formula 1 world title after winning the Brazilian Grand Prix on Sunday, extending his lead in th...
China’s 15th National Games opened in Guangzhou on Sunday, co-hosted by Guangdong, Hong Kong and Macao for the first time. President Xi Jinping atte...
Russia said its forces have captured the village of Rybne in Ukraine’s southeastern Zaporizhzhia region, though Kyiv has not confirmed the claim. Uk...
Peace talks between Afghanistan and Pakistan broke down, although a ceasefire continues between the South Asian neighbours, a Taliban spokesperson said on Saturday.
Tehran and Baghdad pledged to boost their security cooperation across all areas especially ratifying a security treaty signed by both countries in March 2023 and reinforcing border security.
The Indian Ministry of External Affairs announced on Tuesday that it had upgraded its technical mission in Kabul to a full Embassy with immediate effect.
Several countries and international organisations have welcomed the ceasefire agreement between Afghanistan and Pakistan, describing it as a vital step towards easing tensions and fostering regional stability.
Real Madrid, top of LaLiga, is determined to bounce back from their midweek Champions League loss against Liverpool as they face local rivals Rayo Vallecano. Coach Xabi Alonso insists the team is focused on finishing strong before the international break.
Ukrainian President Volodymyr Zelenskyy condemned a massive Russian attack involving 450 drones and 45 missiles, targeting Ukraine's energy infrastructure. He called for stronger sanctions against Russia’s energy sector to help end the war.
Six people have died with one other injured, after a fire broke out in a perfume warehouse in the Dilovasi district of Türkiye on Saturday.
President Donald Trump announced on Friday that no U.S. government official would attend the upcoming Group of 20 summit in South Africa later this month, citing what he described as "human rights abuses" occurring in the country.
Russia said its forces have captured the village of Rybne in Ukraine’s southeastern Zaporizhzhia region, though Kyiv has not confirmed the claim. Ukraine’s military says it repelled multiple Russian assaults nearby amid ongoing heavy fighting.
Despite promises of recovery from the new government, Germany’s economy continues to stagnate, with no signs of renewed momentum. According to the latest report from the German Chamber of Industry and Commerce (DIHK), the country still lacks the drive needed for a genuine economic rebound.
Türkiye’s benchmark BIST 100 index ended Thursday up 0.94%, closing at 11,073.27 points. Opening the day at 11,029.29, the index gained 102.9 points compared with the previous close.
Dutch smartphone maker Fairphone is entering the U.S. market, betting on growing demand for repairable and sustainable devices as right-to-repair legislation gains traction, according to Reuters.
Premier Li Qiang said on Wednesday that China's economy will exceed 170 trillion yuan ($23.87 trillion) by 2030, presenting a big market opportunity for the world as trade restrictions rise globally.
Jamaican Prime Minister Andrew Holness on Tuesday said that last week's Hurricane Melissa, the strongest-ever storm to hit its shores, caused damage to homes and key infrastructure roughly equivalent to 28% to 32% of last year's gross domestic product.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment