Stocks Fall In Asia Ahead of US Openings Amid Economic Turmoil
Market Overview
Stocks have fallen significantly in Asia and Australia amid economic turmoil stemming from President Trump’s sweeping tariffs. At 9:26 p.m. Eastern time Sunday, Japan’s Nikkei 225 was down close to 1,990 points, or 5.89 percent.
Performance in Key Markets
- South Korea's Kospi fell over 100 points, or 4.37 percent.
- Australia’s S&P/ASX 200 decreased by close to 300 points, or 3.81 percent.
U.S. futures are also down ahead of Monday morning when U.S. markets open after a weekend pause.
Tariffs Impact on Market Sentiment
The stock market suffered major setbacks last week following Trump's tariff announcement. On Thursday, markets plummeted dramatically after the announcement of at least 10 percent tariffs on imports into the United States. Markets faced further declines on Friday. Trump defended his tariffs, stating they are necessary to address the trade deficit with countries such as China, which stands at a staggering $1 trillion.
Trump asserted on his Truth Social platform that the tariffs would usher in an 'economic revolution,' claiming that investments are rising significantly, with "more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!" This rhetoric indicates a significant polarization in market sentiment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.