Japan’s Nikkei 225 dropped more than 5% on Wednesday, leading a broad decline across Asian markets after the latest round of U.S. tariffs — including a steep 104% levy on Chinese imports — officially came into effect.
The drop followed a global rally on Tuesday, when markets surged on renewed optimism: Tokyo’s Nikkei rose 6%, Paris gained 2.5%, and Shanghai climbed 1.6%.
However, that upbeat sentiment quickly evaporated once the tariffs became a reality.
The Nikkei 225 closed down 4.7% at 32,475.57. In Hong Kong, the Hang Seng Index fell 1.8% to 19,769.24, while mainland China’s Shanghai Composite edged down just four points to 3,141.46.
South Korea’s Kospi dropped 1.9% to 2,290.87, and Australia’s S&P/ASX 200 declined 1.8% to 7,374.80. Markets in New Zealand also closed lower.
On Wall Street, stocks fell sharply again last night as attempts to recover from earlier losses faltered under the weight of escalating concerns over Donald Trump’s trade war.
All three major U.S. indexes ended the day in negative territory. The S&P 500 slipped 1.6% to 4,982.77, marking its first close below 5,000 points in nearly a year. The Dow Jones Industrial Average lost 0.8% to finish at 37,645.59, while the tech-heavy Nasdaq Composite dropped 2.2% to 15,267.91.
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