Jordan Daily – Asian stocks tumbled further on Monday as a broad market sell-off deepened amid an escalating global trade war triggered by U.S. President Donald Trump’s sweeping tariff announcement last week.
Stocks in Japan, China, and Hong Kong led regional declines, while broader markets across South Korea, Singapore, and Australia also retreated sharply.
Monday’s sell-off followed a dismal session on Wall Street on Friday, where major U.S. indexes plummeted. Most Asian stocks suffered weekly losses.
U.S. stock index futures also fell sharply in Asian trading on Monday, leading to fears the markets will witness another “Black Monday” – as seen in 1987 – when markets around the world crashed.
Trump’s tariffs announced on April 2, included a blanket 10% duty on all imports, alongside higher, targeted levies of up to 49% on some nations.
China now faces a combined 54% tariffs, with the 20% duties already in place.
Beijing also retaliated with a sweeping 34% tariff on a wide swath of U.S. imports, including agricultural products, energy commodities, and key tech components.
Meanwhile, President Trump said on Sunday that his new tariffs are the only way to fix major trade deficits with China and the European Union, declaring that duties will stay in place.
The tit-for-tat tariffs have rattled global markets and stoked fears of a deeper slowdown in global trade.
China, Japan, and South Korea, which count the U.S. among their top export destinations, could be hit hard as demand for their goods could weaken amid higher prices and retaliatory trade measures.
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