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.
Turkish President Recep Tayyip Erdoğan outlined Türkiye’s efforts to strengthen ties with Beijing while also pushing forward on global peace and r...
British Prime Minister Keir Starmer defended Deputy Prime Minister Angela Rayner and his government’s handling of borrowing costs during a heated pa...
The United Arab Emirates warned Israel on Wednesday that any annexation of the West Bank would be a red line for Abu Dhabi, threatening to undermine t...
Afghanistan’s Ministry of Economy has urged United Nations agencies and humanitarian organisations to speed up the delivery of aid to survivors of t...
Russia launched a large-scale overnight air attack on Ukraine on September 3, injuring at least four railway workers and damaging key infrastructure, ...
Iran said it expects the Shanghai Cooperation Organization (SCO) to condemn the move by the European troika of France, Germany and the UK which has called for the return of UN sanctions against Tehran’s civilian nuclear program.
Plastic waste leakage in Southeast Asia, plus China, Japan and South Korea, could rise by nearly 70% by 2050 without stronger policies, according to a new OECD report.
U.S. Secretary of State Marco Rubio will meet Southeast Asian foreign ministers on Thursday during his first trip to Asia since taking office, aiming to reassure the region of Washington’s commitment despite President Donald Trump's sweeping new tariffs targeting many of its economies.
China has issued high heat warnings across hundreds of regions as East Asia faces its most intense heat wave of 2025.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
The pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in Japan.
The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S. Federal Reserve (Fed) rate cut in September and concerns over the central bank’s independence.
The New York Stock Exchange opened sharply lower on 2 September as investors weighed the legality of Donald Trump’s tariffs – a federal appeals court has ruled most of them illegal.
Eurozone annual inflation reached 2.1% in August, up from 2% in July, Eurostat announced on Wednesday.
Kraft Heinz is breaking up into two separate companies a decade after its high-profile merger, aiming to unlock greater shareholder value.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment