How Trump Tariffs Are Causing Mayhem Globally

Despite the severe market downturn, President Trump remained steadfast in his position on tariffs across the globe.

- 

The world woke up to a financial nightmare on Monday as global markets, led by Asia, suffered a dramatic crash in response to a fresh wave of US tariffs announced by President Donald Trump. With fears mounting of a repeat of the infamous 1987 Black Monday, investors are scrambling to assess the fallout from what some are calling "Black Monday 2.0."

Asian markets bore the brunt of the initial shock. As trading began on Monday, panic gripped investors after Trump's April 2 tariff declaration took effect. The response was swift and brutal.

Japan's Nikkei 225 index plummeted over 8% early in the session, while the broader Topix index tumbled more than 7.5%. Major financial institutions—Mitsubishi UFJ, Mizuho, and Sumitomo Mitsui—each lost over 12% of their value. Auto giants Honda and Nissan weren't spared either, experiencing sharp losses.

In South Korea, the Kospi dropped 4.4%, triggering a circuit breaker that temporarily halted trading. Taiwan's Taiex fell close to 10%, with tech heavyweights like TSMC and Foxconn hitting their daily lower limits.

China's markets were also rattled. The Shanghai Composite dropped 6.7% after opening 4.5% lower, while the CSI300 fell 7.5%. Hong Kong's Hang Seng index opened over 9% lower, compounding fears of regional contagion.

In Australia, the ASX 200 plunged more than 6%, wiping out over $160 billion in market value. New Zealand's NZX 50 index slid 3.5%. The sell-off was indiscriminate, cutting across sectors and geographies.

India's NSE Nifty 50 collapsed by over 1,000 points, and the BSE Sensex tumbled nearly 4,000 points in early trade, underlining the broad-based nature of the panic.

Adding to the anxiety, US stock futures also cratered. Futures for the S&P 500 were down 4.2%, the Dow Jones fell 3.5%, and the tech-heavy Nasdaq dropped 5.3%.

Trump Digs In