Global Markets Today: Asian markets tumble again after White House confirms jumbo 104% tariffs on China

Global Markets Today: Concerns related to US tariffs and a trade war between two largest economies have sparked unpredictability in the financial markets across the globe.

2 min readNew DelhiUpdated: Apr 9, 2025 02:14 PM IST

Washington confirmed 104 per cent duties on imports from China would take effect after midnight on Wednesday. (AP Photo)

Trump Global Tariffs Impact: Asian markets sank again on Wednesday as the White House looked set to impose reciprocal US tariffs, including a massive 104 per cent levy on Chinese imports, on Wednesday.

Japan’s Nikkei 225 index fell nearly 4 per cent in morning trade while markets in South Korea, New Zealand and Australia also declined, according to the Associated Press.

China’s blue chips slipped 1.2 per cent while Hong Kong’s Hang Seng index tumbled 3.1 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.7 per cent.

The rising unpredictability in the face of a bruising trade war between two major economic powerhouses — the US and China — has kept global investors worried. The stiff US tariffs imposed by United States President Donald Trump are likely to raise prices for US shoppers and slow the economy, besides leading to economic pain across the world.

The US dollar fell against safe-haven currencies but the offshore yuan hit a record low of 7.4287 per dollar overnight, Reuters reported. Amid recession fears, oil prices are also plumbing four-year lows.

The US markets aren’t any better off. The S&P 500 was swept up in one of the biggest reversals in at least the last 50 years, with the benchmark index losing 4.2 percentage points from a positive start to a negative finish. The index has lost $5.8 trillion in stock market value, the deepest four-day loss since it was created in the 1950s, Reuters reported.

Early in Asia, S&P 500 futures fell 1.5 per cent while Nasdaq futures dropped 1.7 per cent. The pain also spread to Europe, with EUROSTOXX 50 futures down 4.5 per cent, while FTSE futures lost 2.5 per cent.

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