Asian stocks from Shanghai to Tokyo and Sydney to Hong Kong plunged on Monday by 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 8% at one point, Hong Kong’s Hang Seng dropped more than 13% and Japan’s Nikkei 225 closed down by 7.8% – moves that one analyst described to the BBC as a “bloodbath”.
European markets too fell in early trading, with banks and defense firms seeing the biggest drops. This follows global slumps last week after Trump announced new tariffs between 10% and 46% 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% tariffs, as well as developing countries like Vietnam that are bracing for a 46% levy – Trump called the fast-growing economy one of the “worst offenders”.
Also on that unenviable list are Cambodia (49%), Thailand (36%) and China, which will face 54% tariffs in total.