Asian stocks dip amid Trump tariffs fallout
(MENAFN) Asian stock markets saw a significant drop on Monday, continuing a global sell-off sparked by US President Donald Trump’s recent tariff hikes and China’s retaliatory actions. Trump imposed a 10% baseline tariff on all imports and additional reciprocal duties on countries with what he deemed unfair trade imbalances. In response, China imposed a 34% tariff on US goods, and other nations indicated they would follow suit, raising concerns about a full-blown trade war and the risk of a US recession.
This resulted in a market rout that wiped out nearly $5 trillion in US stock market value last week. Japan’s Nikkei 225 index fell by nearly 9%, while Hong Kong's Hang Seng dropped almost 14%. Other Asian markets, including China, Taiwan, South Korea, and Australia, also faced sharp declines. European markets opened lower, with the pan-European Stoxx 600 index falling over 6%. US stock futures indicated further losses, with analysts describing the situation as a “bloodbath.”
Despite the market turmoil, Trump defended the tariffs, acknowledging the sell-off but asserting that they were necessary to address trade imbalances. He emphasized the need to tackle the deficit issues with China, the EU, and other nations.
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