Trump’s hefty tariffs send Asian stock markets falling

Stock markets across the Asia-Pacific region tumbled on Thursday after US President Donald Trump imposed tariffs on trading partners around the world, with many Asian countries taking the biggest hits.

Stock markets across the Asia-Pacific region tumbled on Thursday after US President Donald Trump imposed tariffs on trading partners around the world, with many Asian countries taking the biggest hits. Trump’s broad-based tariffs have raised levies on Chinese imports, the second-largest source of US imports after Mexico, from 20% to 54%. Duties of 24% were slapped on Japan and 25% on South Korea: Both are major US trading partners and allies. Taiwan, a major exporting economy and electronics manufacturer, was hit with a 32% tariff. The tariffs news sent US stocks plummeting in after-hours trading Wednesday and caused Asian markets to fall shortly after opening on Thursday. Japan’s benchmark Nikkei 225 index tumbled over 4% after the open, and closed 2.8% down. South Korea’s Kospi index dropped 2.7% and closed less than 1% lower. Hong Kong’s benchmark Hang Seng Index slid 2.4%. In Australia, which faces a 10% tariff, the benchmark ASX 200 index dropped 1.8%. Markets in Taiwan were closed Thursday. Shares of major tech and automotive companies in the region were among the hardest hit. Japanese tech giant Sony plummeted more than 5.4% in the morning. Carmakers Toyota and Honda slid nearly 5% and over 4% at one point. Korean tech heavyweight Samsung and car giant Hyundai each fell over 3% after the open. Meanwhile, gold surged to a record high above $3,160 an ounce, according to Reuters, as investors flocked to the precious metal, traditionally seen as a safe-haven asset.