Asia-Pacific Markets React to Trump's Tariff Announcement

Following President Donald Trump's unexpected announcement of new US tariffs, Asia-Pacific markets experienced significant downturns. Japan's Nikkei 225 led the decline with a staggering 4.21% drop, marking its steepest fall in recent months.

Wall Street's Influence and Global Recession Fears

The selloff in Asia mirrored Wall Street's worst performance in five years. The imposition of reciprocal tariffs on over 180 countries has sparked widespread concern over a potential global trade war and the risk of pushing the economy into recession.

Market Performance Across the Region

Australia's S&P/ASX 200 and South Korea's Kospi Composite also felt the impact, dropping by 2.44% and 1.80% respectively. Meanwhile, Japan's Nikkei 225 saw a 3.54% decrease, hitting an intraday low of 33,259. Markets in Hong Kong and China remained closed for the Qingming Festival, sparing them from the day's turmoil.

In the currency markets, the dollar weakened against the yen, trading 0.45% lower at ¥145.3795 by 7:20 am CET.