Global Trade Turmoil: How New Tariffs Are Shaking Markets and Industries

Asian markets and global economy face significant disruptions due to new U.S. tariffs. Key sectors impacted include Bangladesh's garment industry, South Korea's auto industry, and Canadian exports. Concerns heighten over potential recession as businesses navigate the uncertain trade landscape.

Asian markets suffered losses on Wednesday following the imposition of new U.S. tariffs, including a staggering 104% fee on Chinese imports. Leading the decline was Japan's Nikkei 225 index, which initially fell almost 4%, as regional markets echoed the downward trend.

Investors remain on edge, uncertain about U.S. President Donald Trump's trade strategies. The effects have been immediate, with the S&P 500 dropping 1.6% after eliminating a formidable 4.1% gain. The Dow Jones Industrial Average decreased by 0.8%, and the Nasdaq composite declined by 2.1%.

Bangladeshi garment manufacturers face market contraction fears in the U.S. amid new tariffs, while South Korea introduces a 3 trillion won emergency package to aid its auto industry. In retaliation, Canada announces a 25% tariff on certain U.S. auto imports as global trade tensions escalate.

(With inputs from agencies.)