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Asian stocks slide on Trump tariff plan covering more than 80 countries

The new levies, set at 10% to 12.5%, are expected under US Trade Act Section 301 and come after a February tariff that the US Supreme Court later deemed illegal.

Reported · Written up by our desk · Trade & Tariffs

Asian equities fell sharply after Donald Trump announced a new round of sweeping trade tariffs covering more than 80 countries, renewing concerns about global trade tensions. The plan calls for tariffs of between 10% and 12.5% on dozens of countries including the United Kingdom, Mexico, Canada, Australia, India, China, and the European Union.

The tariffs effectively replace a blanket 10% tariff imposed in February, which had been ordered soon after the US Supreme Court declared that many of the earlier tariffs were illegal. The new levies are expected to fall under Section 301 of the Trade Act of 1974, which targets countries that engage in forced labor.

Market moves reflected both the tariff shock and other stressors, according to The Guardian Business. Japan’s Nikkei 225 fell 3.1%, China’s SSE Composite dropped 1.4%, Hong Kong’s Hang Seng slid 11.4%, and South Korea’s Kospi, heavily influenced by major chip companies, fell 6.2%.

The report also cited higher energy costs, with Brent crude reaching $100 a barrel after a fresh escalation in the Middle East raised fears of supply disruption. It added that some investors were further spooked by a sell-off in US tech names, tied to concerns about AI spending, following Tesla’s profits coming in lower than expected.

Latest closeWTI crude $92.23 ▲6.2%|Brent $100.54 ▲6.9%|Nikkei 225 66,115.60 ▼0.2%

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