Asian markets mostly fell Tuesday following a sharp sell-off on Wall Street fuelled by fears about the US economy as Donald Trump presses ahead with his global trade war and federal jobs cuts.

Traders had initially welcomed his election on optimism that his promised tax cuts and deregulation would boost the world’s top economy and help equities push to more record highs.

But there is now a growing pessimism that a recession could be on the cards amid warnings that tariffs imposed on key trade partners will reignite inflation and force the Federal Reserve to hike interest rates again.

The president’s weekend comments that the economy was facing “a period of transition” and his refusal to rule out a downturn did little to soothe investor worries.

A new wave of tariffs due this week will see steep levies of 25 percent on steel and aluminum imports.

Uncertainty over Trump’s tariffs and threats have left US financial markets in turmoil and consumers unsure of what the year might bring.

Fears about the future battered Wall Street, where the Nasdaq tanked four percent owing to another plunge in high-flying tech titans including Apple, Amazon and Tesla.

And Asia followed suit in the morning with big losses across the board, though they pared the losses as the day wore on.

Tokyo was hit after Japanese Trade Minister Yoji Muto said he had failed to win an immediate exemption from US tariffs.

Hong Kong was flat and Shanghai ended higher, having tanked at the open. They both fell Monday following a big miss on Chinese consumer prices that added to worries about the Chinese economy.

Sydney, Singapore, Seoul, Taipei, Wellington, Mumbai, Bangkok and Manila were also deep in negative territory.





https://www.vanguardngr.com/2025/03/most-markets-in-retreat-as-trump-fuelled-economy-fears-build/