Asian shares slid further on Friday after President Donald Trump’s tariffs sent shudders through financial markets at a level of shock unseen since the Covid-19 pandemic pummelled global markets in 2020.
Tokyo’s Nikkei 225 sank 4.3 per cent, while South Korea’s Kospi Index tumbled 1.8 per cent. The two US allies said they were focused on negotiating lower tariffs with Trump’s administration. In Australia, the S&P/ASX 200 Index dropped 2.2 per cent.
Markets in mainland China, Taiwan, Hong Kong and Indonesia were closed for public holidays, limiting the scope of Friday’s sell-off.
In other trading on Friday, the dollar weakened to 145.39 Japanese yen from 146.06. The yen is often used as a refuge in uncertain times, while Trump’s policies are meant in part to weaken the US currency to make goods made in the US more competitive in overseas markets. The euro strengthened to US$1.1095 from US$1.1055.
About US$2.5 trillion was wiped out from US stocks after the S&P 500 plunged 4.9 per cent and the Nasdaq 100 slumped 5.5 per cent Thursday, the biggest drop since 2020 for each. Yields on the 10-year US government bonds hovered around the closely watched 4 per cent mark.
