Global Markets Rattle as Trump Unveils New Tariffs

Global financial markets faltered after President Trump's announcement of significant tariff hikes on various imports. Asian indices, alongside US futures, recorded substantial declines. Key indices like Tokyo's Nikkei and South Korea's Kospi took hits due to reciprocal tariffs, highlighting the ongoing trade uncertainties.

Asian markets and US futures took a significant hit Thursday following President Trump's announcement of increased tariffs on global imports. The Tokyo Nikkei dropped over 3%, adjusting later for a 2.9% decline, while South Korea's Kospi lost almost 2% after a similar tariff announcement.

The move comes amid ongoing trade tensions, with Trump's 'Liberation Day' tariffs targeting even allies like Japan and South Korea. The US president has proposed a baselining 10% tax on all imports, charging higher tariffs for nations with trade surpluses, a measure aimed at reviving US manufacturing.

Volatile movements were observed across indices, including the US markets, before Trump's reveal. Key stocks like Tesla showcased recovery despite earlier vows, signifying the broader market's unpredictable stance amid tariff-related pressures.

(With inputs from agencies.)