Asian markets and US futures took a hit on Thursday following US President Donald Trump's announcement of significant tariff increases on global imports. The double-digit tariff hikes sent shockwaves through global markets, with economists warning that they significantly heighten the risk of a recession.
The future for the S&P 500 saw a drop of 2.9%, while the Dow Jones Industrial Average lost 2.2%, indicating potential losses when US markets reopen on Thursday. In Asian trading, Tokyo's Nikkei 225 index briefly dipped 4%, with automakers and banks suffering major hits. Just before the market closed, it was down 3.4% at 34,498.31. Shares in Mitsubishi UFJ Financial Group plummeted 8.3% as the potential impact of the 24% tariffs on Japan's export-dependent economy dashed hopes that the central bank will continue to raise interest rates. Mizuho Financial Group slid 9.2%.
Sony Corp.'s stocks dropped 5.6% and Toyota Motor Corp. lost 6.3%. Japan's yen strengthened, with the U.S. dollar falling to 147.04 Japanese yen from 149.28 yen. The euro rose to $1.0949 from $1.0855. In South Korea, which was hit with a 25% tariff, the benchmark Kospi fell 1.1% to 2,478.49.
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