Asian Markets Plunge Amid US-China Tariff Hike

Asian markets experienced significant declines following the White House's announcement to raise tariffs on Chinese exports to 145%, exacerbating trade tensions between the US and China. Japan's Nikkei 225 and Topix indexes fell over 5%, while South Korea's Kospi and Australia's ASX 200 also declined. This follows steep declines in US markets, where the S&P 500 and Nasdaq dropped 3.46% and 4.31% respectively. The tariff hike has spurred a global risk-off sentiment, with investors seeking safe-haven assets such as gold and the yen. Market volatility is further fueled by skepticism regarding the outcome of US-China trade negotiations, despite President Trump's temporary reprieve on tariffs for some countries. The trade tensions continue to undermine investor confidence and contribute to a weakening US dollar, as investors look to alternatives and adjust portfolios away from US assets.