HONG KONG — Asian shares declined on Friday, following a shock on Wall Street caused by U.S. President Donald Trump’s tariffs that have not been witnessed since the COVID-19 pandemic hit world markets in 2020. Various assets including crude oil, Big Tech stocks, and the value of the U.S. dollar have all dropped. Even gold, a traditional safe haven that recently hit record highs, fell after Trump announced new tariffs which could lead to a weakened economic growth and higher inflation. European countries and leaders of Asia Pacific countries have responded with countermeasures against the tariffs. Most of the major Asian markets were closed for the holidays, with Japan’s Nikkei 225 index dropping 4.3% and South Korea’s Kospi falling 1.8%. Australia’s S&P/ASX 200 also ended 2.2% lower.

Source: https://time.com/7274757/trump-tariffs-stocks-shock-global-markets-level-unseen-since-pandemic/