‘Bloodbath’ in Asian Stock Markets Caused Trump Tariffs

Asian stocks from Shanghai to Tokyo and Sydney to Hong Kong plunged on Monday to levels not seen in decades, as global markets continue to reel from US President Donald Trump’s tariffs.

The Shanghai Composite was down more than eight per cent at one point, Hong Kong’s Hang Seng dropped more than 13 per cent, and Japan’s Nikkei 225 closed down by 7.8 per cent.

In an interview with the BBC, an analyst described the move as a bloodbath.

European markets also fell in early trading, with banks and defence firms seeing the biggest drops. This follows global slumps last week after Trump announced new tariffs between 10 per cent and 49 per cent on most countries.

This is a blow for Asia’s manufacturing hubs that count the US as a key market for exports ranging from clothes to cars.

These include wealthy allies like Japan and South Korea, which face 26 per cent tariffs, as well as developing countries like Vietnam that are bracing for a 46 per cent levy.

Trump called the fast-growing economy one of the “worst offenders”.

Also on that unenviable list are Cambodia, 49 per cent; Thailand, 36 per cent; and China, which will face 54 per cent tariffs in total. Others, like Singapore, New Zealand and Australia have already had a so-called baseline 10 per cent tariff go into effect.