Asian stock markets experienced significant declines, termed a “bloodbath,” due to the impact of U.S. President Donald Trump’s new tariffs. Major indices in cities like Shanghai, Tokyo, and Sydney plummeted, with Japan’s Nikkei down by 6% and the Australian ASX 200 falling by 4%. Concerns about a potential global trade war and recession were heightened, prompting major firms like Goldman Sachs to raise the likelihood of a U.S. recession to 45%. The tariffs, particularly hitting economies reliant on exports to the U.S., are expected to have long-term negative effects on both the global and Asian economies. Amidst this turmoil, U.S. stock markets also saw substantial drops, impacting trading across Europe.
