Market Turmoil in Asia

Following the announcement by United States President Donald Trump of an additional 10% tariff on Chinese imports, major stock exchanges in the Asia-Pacific region experienced significant downturns. This new tariff is set to take effect on March 4, prompting a strong response from Beijing, which has vowed to implement all necessary countermeasures.

Sharp Declines Across the Board

In mainland China, the Shanghai Composite and the Shenzhen Composite saw sharp declines, dropping 1.68% and 2.65% respectively. Similarly, Hong Kong's Hang Seng and South Korea's Kospi Composite were not spared, with both indices falling by over 3%.

Australia's S&P/ASX 200 and Japan's Nikkei 225 also closed in the red, shedding 1.16% and 2.92% respectively. Amidst the market turmoil, the dollar strengthened slightly against the yen, trading 0.20% higher.