Asia-Pacific markets experienced a sharp decline on Thursday following significant reciprocal tariffs imposed by the U.S. President Donald Trump.
Japan’s Nikkei plummeted 3.01%, though it managed to recover from initial losses exceeding 4% at the market’s open. The Topix index displayed a similar trend, falling 3.2% after recovering from initial losses over 4%. Japan faced 24% reciprocal tariffs from the U.S.
China was slapped with 34% on top of existing 20%, marking a total of 54% tariffs. The Shanghai Composite dropped 0.91% while the Shenzhen Component fell 0.53%.
Hong Kong’s Hang Seng index dipped 1.41%.
Australia’s S&P/ASX 200 dropped by 1.55%, reflecting the widespread impact. The country faced a baseline tariff of 10%.
South Korea’s Kospi index decreased by 1.26%, having pared back from losses over 3% during the opening. The smaller-cap Kosdaq, meanwhile, slipped 0.81%.
Amidst the market turbulence, investors sought safety in gold, driving its price to a record high, trading at $3,156.53 per ounce as of 8:47 a.m. Bangkok time on Thursday.
