US President Donald Trump has imposed broad-based tariffs on trading partners around the world, with many Asian countries taking the biggest hits. The tariffs, which raise levies on Chinese imports to 54%, Japan to 24% and South Korea to 25%, have sent US stocks plummeting in after-hours trading Wednesday and caused Asian markets to fall.
Shares of major tech and automotive companies in the region were among the hardest hit, with Japanese tech giant Sony plummeting over 5.4% and carmakers Toyota and Honda sliding nearly 5%. Korean tech heavyweight Samsung and car giant Hyundai each fell over 3%.
The tariffs news also sent Europe’s Stoxx 600 index lower by 1.2%, while Germany’s DAX index was down 1.3%. In the US, Dow futures were 2.4% down and S&P 500 futures 2.9% down.
China responded to the move by calling it a “typical unilateral bullying practice” and vowed to take countermeasures. Japan’s Chief Cabinet Secretary called the new tariffs “extremely regrettable” and said they could have a significant impact on the economic relationship between the US and Japan.
The imposition of tariffs marks another escalation in Trump’s trade war with China, which has already had its worst start to a year since 2022. The move is also set to affect several other countries, including South Korea and Taiwan, both of which are major exporters to the US.
As investors sought safe-haven assets, gold surged to a record high above $3,160 an ounce, according to Reuters.
Source: https://edition.cnn.com/2025/04/03/markets/trumps-tariffs-asian-stocks-plunging-hnk-intl/index.html