Asian Markets Plunge as Trade War Fears Intensify: Nikkei 225 Down 6%, Hang Seng Drops 9.4% Amid Global Market Turmoil

Asian markets experienced a significant downturn on Monday, mirroring Friday's Wall Street collapse triggered by escalating trade tensions. The Nikkei 225 in Tokyo fell by 6% to 31,758.28, while Hong Kong's Hang Seng index plummeted 9.4% to 20,703.30, and the Shanghai Composite lost 6.2% to 3,134.98. These declines followed a sharp sell-off in U.S. markets, with the S&P 500 dropping 6% and the Dow Jones Industrial Average falling 5.5% on Friday. The market downturn was fueled by concerns over the escalating trade war between the U.S. and China, with both countries imposing tariffs on each other's goods. The Commerce Ministry in Beijing announced a 34% tariff on imports of all U.S. products beginning April 10, in response to similar tariffs imposed by the U.S. The global implications of this trade war include potential for a global recession, with market observers anticipating continued volatility in the coming weeks. Oil prices also declined, with U.S. benchmark crude down 4% to $59.49 per barrel. White House trade advisor Peter Navarro advised investors to remain calm, predicting a future stock market boom, but analysts warn that current earnings estimates do not fully reflect the potential impact of the trade war.