Market Downturn in Asia-Pacific

Asia-Pacific markets experienced a decline on Wednesday, marking the second drop this week. This comes after a brief rebounding from Monday's steep losses. The uncertainty stems from the impending implementation of United States President Donald Trump's country-specific tariffs.

Impact of New Tariffs on Chinese Goods

Chinese goods are set to face a staggering total tariff rate of 104% as the new reciprocal tariffs take effect. This is in addition to the existing 10% baseline duty, raising concerns among investors and traders alike.

Regional Market Performances

Here's a quick glance at how regional markets fared: Australia's S&P/ASX 200 lost 1.06%, South Korea's Kospi Composite dropped by 0.65%, Japan's Nikkei 225 slid by 2.45%, and Hong Kong's Hang Seng fell by 1.30%. Meanwhile, China's Shanghai Composite saw a modest decrease of 0.35%, with the Shenzhen Composite trading flat.

Currency Movements

In currency news, the dollar traded 0.30% lower against the yen, settling at ¥145.8370.