Global Stock Markets Plummet Amid US-China Trade War Tensions

Asian stocks plunged following US President Trump's tariff hikes, causing market instability worldwide. The trade war with China led to sharp declines in indices and individual stocks, prompting fears of a possible global recession. Investors remain anxious as retaliatory measures and uncertainties loom.

Asian markets experienced a sharp decline on Monday after the significant downturn on Wall Street triggered by US President Donald Trump's announcement of increased tariffs and Beijing's subsequent retaliation. Futures for major US indices, including the S&P 500, Dow Jones, and Nasdaq, indicated continuing weakness, each losing between 2.1% and 3.1%.

Within Asian markets, Tokyo's Nikkei 225 nearly plummeted 8% at open, with key financial groups like Mizuho Financial and Mitsubishi UFJ suffering substantial losses. Despite typically bucking global trends, Hong Kong and Shanghai markets also faced significant downturns, hinting at the escalating impact of global trade tensions.

As the trade war continues without a foreseeable resolution, market observers brace for ongoing volatility. The US dollar slipped against the yen, while oil prices and South Korean, Australian, and Chinese markets saw considerable declines. The fear of an impending global recession hangs over the financial sector as retaliatory tariffs escalate.

(With inputs from agencies.)