Asian share markets experienced sharp declines in early trading on Monday due to the Trump administration's new tariffs on Mexico, Canada, and China, heightening fears of a global trade war. Major indices such as Taiwan's Taiex, Japan’s Topix, and Korea’s Kospi saw significant losses, driven by declines in key exporters. Additionally, European markets prepared for downturns reacting to Trump's indication that the EU might be next in line for tariffs. This turmoil also caused the US dollar to reach multi-year highs against several currencies, reflecting the uncertainty in international markets.
The new tariffs announced by the Trump administration have triggered significant declines in Asian stock markets, signaling fears of a broader global trade war.
The European markets are predicted to follow suit with substantial downturns, particularly after Trump indicated that EU countries could face tariffs next.
Key sectors affected include technology and automotive, as significant exporters like Samsung, LG, and Kia have seen their stocks drop due to heightened trade tensions.
The US dollar has surged in value against multiple currencies following the tariff announcements, indicating shifting market dynamics in response to the trade war.
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