Asian markets crashed amid escalating US-China trade tensions, with Japan’s Nikkei down 7%, South Korea’s KOSPI losing 6%, and Taiwan’s index plunging 10% %—a record fall. China retaliated with 34% tariffs on US goods and rare earth export curbs, triggering a 12% drop in Hong Kong’s Hang Seng. Analysts warn that the sell-off reflects fears of a full-blown trade war, compounding regional economic uncertainty. Beijing is attempting to calm markets by pledging domestic stimulus measures to offset declining US trade. The turmoil underscores the deepening rift between the world’s two largest economies, with global growth concerns intensifying.
Al Jazeera’s Katrina Yu reports from Beijing, China.
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