Asia-Pacific Markets Experience Sharp Declines Amid Escalating Trade Tensions

Following a significant selloff on Wall Street, major stock markets across the Asia-Pacific region faced steep losses. The downturn was triggered by the US administration's imposition of tariffs on various countries, with China swiftly retaliating by introducing a 34% duty on US goods. This move has intensified the trade war, leading to a global market downturn.

Market Performance Highlights

South Korea's Kospi fell by 5.16%, while Hong Kong's Hang Seng and Japan's Nikkei 225 dropped by 11.21% and 6.25%, respectively. Mainland China's Shanghai Composite and Shenzhen Composite saw declines of 6.72% and 9.39%. Australia's S&P/ASX 200 wasn't spared, losing 4.06% of its value.

Currency Impact

The dollar also felt the pressure, trading 0.60% lower against the yen, at 146.2000.