Global Financial Turmoil: Asian Markets Reeling from US Tariff Shocks

Japan's Nikkei 225 index plunged by nearly 8% as Asian markets suffered significant losses following the recent tariff hikes announced by US President Donald Trump. Australia's S&P/ASX 200 dropped over 6%, while South Korea's Kospi fell by 4.4%. US futures indicated further declines.

Japan's share benchmark experienced a dramatic decline on Monday, following a significant downturn on Wall Street triggered by US President Donald Trump's tariff hikes. The Tokyo's Nikkei 225 index plummeted nearly 8% shortly after the market opened.

The ripple effect of the tariff shocks was evident as Australia's S&P/ASX 200 saw a drop of more than 6%, indicating widespread concern in the region.

Meanwhile, South Korea's Kospi index declined by 4.4%, and US futures pointed towards potential further losses, underscoring the global impact of the tariff decision.

(With inputs from agencies.)