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Foreign stock markets collapsed on Thursday morning after President Donald Trump’s announcement for a number of tariffs for trade partners in America – including a minimum base rate of 10% for all countries.
The Asian markets led the slide. Nikkei’s Japanese Index dropped 4%after opening, Hang Seng Index Hang Seng slid by 2.4%, South Korea’s Kospi fell 2.7%, and the ASX 200 in Australia fell by 2%.
The US markets closed before Rose Garden launches on Wednesday, but stock futures fell on Wednesday night. Dow Jones Futures fell by 2.7%, s& P 500 Futures sank by 3.9%and the Nasdaq 100 futures dropped by 4.7%.
Currency traders are watching monitors near a screen showing the Korean Stock Price Index (KOSPI) in the CEB HANA Bank Currency Hall in Seoul, South Korea, on April 3, 2025.
Ahn Young-Joon/AP
US trading partners responded to the announcement of Trump’s rates by condemning and concern.
China – a hit with 34% tariffs for China comes to the top of 20% tariffs, which previously announced – called on the United States to “immediately cancel its unilateral tariff measures and to correctly resolve the differences with its commercial partners through equal dialogue,” said Chinese Ministry of Commerce.
Tariffs will “endanger the global economic development and the stability of the supply chain,” they added.
The European Union – now facing a 20% tariff – said there is a “strong revenge plan”, which European Commission President Ursula von der Leyen will be delivered on Thursday. “The universal tariffs announced by the United States are a major blow to business and consumers around the world,” said von der Leyen in publication until X on Thursday.
“Europe is ready to answer,” she added. “We will always defend our interests and values. We are also ready to engage. And to move from confrontation to negotiations.”
In a Facebook publication, Italian Prime Minister Georgy Meloni called the tariffs aimed at the European Union “Wrong”.
President Donald Trump Gears while talking during a commercial announcement event in Rose Garden in the White House, on April 2, 2025 in Washington, Colombia County, County
Andrew Harnik/Getty Images
She added: “We will do our best to work for an agreement with the United States in order to avoid a trade war that would inevitably weaken the West in favor of other global players.”
In Japan, Cabinet Secretary, Yoshimasa Hayashi, said Tokyo “again handed over to the US government that the latter measures were extremely regrettable and strongly wanted them to be reviewed.” Japan faces 24% Tarrffs.
The measures, he added, “can have a significant impact on economic relations between Japan and the United States, and ultimately on the global economy and the multifaceted trading system as a whole.”
South Korea President Han Duck Duck SU instructs the government to “pour all its opportunities available to overcome this trade crisis,” in a statement cited by Yonhap news agency.
Han described Trump’s measures – which include 25% tariffs for all South Korean goods – as “very serious” and warned of “the approach to the reality of the World Tariff War.”
Jack Moore, Lia Sarnof and Will Greek have contributed to this report.
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