Asia-Pacific markets plunged on Thursday, after U.S. President Donald Trump imposed hefty reciprocal tariffs on over 180 countries and territories — several of which are in the region.
In Japan, the Nikkei 225 plummeted 989.94 points, or 2.8%, to 34,735.93
In Hong Kong, the Hang Seng index slid 352.72 points, or 1.5%, to 22,859.81.
In charts posted on social media, the White House showed the effective tariff rates they claim other countries impose on American goods, including by “currency manipulation and trade barriers.”
The White House told reporters on Wednesday that the new reciprocal rate on China will be added to existing tariffs totaling 20%, meaning the true tariff rate on Beijing under this Trump term is 54%.
Meanwhile, goods from South Korea face tariffs of 25%, while those from Australia are tagged for 10%.
Australia’s S&P Global Purchasing Managers’ Index reading came in at 51.6 in March, compared to 51.3 in the month before.
In other markets
Markets in Taiwan were shuttered for holiday.
The CSI 300 in mainland China dipped 22.89 points, or 0.6%, to 3,861.50.
In Singapore, the Straits Times Index ditched 11.98 points, or 0.3%, to 3,942.23
In Korea, the Kospi regained 18.05 points, or 0.1%, to 2,486.70
In New Zealand, the NZX 50 inched higher 18.39 points, or 0.2%, to 12,338.57
In Australia, the ASX 200 weakened 74.82 points, or 0.9%, to 7,859.73.
