CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Trump’s Tariffs Trigger Turmoil in Asia-Pacific Stock Markets
Asia-Pacific stock markets were shaken on Wednesday morning following tariff threats from U.S. President Donald Trump. The turbulence followed a sharp overnight decline on Wall Street. The White House’s announcement of additional tariffs on China has left global markets jittery, according to a report published by China’s state-run newspaper, Global Times, which cited various international media outlets.
According to Global Times, Australia’s S&P/ASX 200 fell by 1.06% on Wednesday morning, Japan’s Nikkei 225 dropped 3.14%, the Topix index declined by 3.26%, South Korea’s KOSPI fell 0.18%, and the small-cap KOSDAQ declined by 0.44%. Around 10 a.m. local time, Hong Kong’s Hang Seng Index dropped by 2.27%, settling at 19,670.24.
In China, market performance was mixed on Wednesday morning. The Shanghai Composite Index fell 0.68% to 3,124.19 points, and the Shenzhen Component Index slipped 0.16% to 9,409.48 points.
A day earlier, on Tuesday, the S&P 500 saw a decline and closed below 5,000 points for the first time in nearly a year. Following the April 2 announcement of sweeping tariffs against U.S. trade partners, the S&P 500 lost $5.83 trillion in market value — the largest four-day drop since the index was created in the 1950s.
Tech giants were hit hard: Apple shares fell by 4.98%, while American electric vehicle maker Tesla dropped 4.9%, the worst among major stocks.
Tesla CEO Elon Musk, without directly addressing the White House’s trade policy, referred to the administration’s top trade advisor as a “fool.” Huo Jianguo, Vice President of the China Society for World Trade Organization Studies, warned that higher tariffs pose greater risks to the U.S. economy. He predicted rising inflationary pressure and a potential slowdown in U.S. economic growth.
A White House official confirmed that in addition to existing tariffs, the U.S. has threatened to impose an additional 50% tariff on Chinese goods, raising the total rate to 104% as of Wednesday. Chinese authorities have responded by vowing to take appropriate countermeasures against the United States.
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