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Asian stock markets plummeted on Monday due to global financial turmoil sparked by US President Donald Trump’s tariffs and China’s retaliatory measures, with Tokyo’s Nikkei 225 falling 7.1% and Taiwan’s benchmark index dropping nearly 10%. The market meltdown followed Wall Street’s worst performance since the Covid-19 pandemic, erasing trillions in market value and prompting fears of a prolonged economic disruption. Despite the chaos, Trump remained unapologetic and insisted on negotiating deals, while analysts estimated over $9 trillion wiped off global stock markets in just two days, drawing comparisons to the 2008 financial crisis.
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