Asian Markets Tumble Amid Trump's Tariff Hike, Trade War Fears Intensify

Asian stock markets experienced a sharp decline on Thursday following President Trump's announcement of new import tariffs, sparking concerns about a potential global trade war. Tokyo's Nikkei 225 fell by 2.9% to 34,675.97. South Korea's Kospi decreased by 1.5%, and Hong Kong's Hang Seng declined by 1.4%. India's GIFT Nifty futures also signaled a weak start after the US imposed a 26% duty on Indian goods. China faces a 64% tariff burden, Japan 24%, South Korea 25%, and the EU 20%. Jay Hatfield, CEO of Infrastructure Capital Advisors, suggested this scenario could potentially lead the US into a recession. The new levies erect new barriers around the world's largest consumer economy, reversing decades of trade liberalization that have shaped the global order.