Global markets in chaos as Trump’s tariff war sends shares into deep dive

Global markets suffered sharp declines at the start of the week as global investors reacted to fresh trade tensions triggered by former US President Donald Trump’s aggressive tariff measures. Even as countries sought compromise, the president’s stance remained firm, causing widespread market turmoil.

Japan
Japan’s Nikkei 225 index dropped a staggering 8% in early trading, reflecting investor concerns over the mounting trade hostilities. 

South Korea
South Korea's benchmark KOSPI index dived 5.26 percent, or 129.57 points, to 2,335.85, triggering a so-called sidecar mechanism that briefly halted some trading for the first time in eight months.

Sidecars kick in when index futures experience significant drops or spikes, pausing programme trading for five minutes to mitigate drastic fluctuations.

Samsung Electronics, the market bellwether, dropped 4.28 percent, while SK hynix plummeted nearly 6.5 percent.

Taiwan
The Taiex, the weighted index on the Taiwan Stock Exchange, plunged 9.8% at the open, when trading resumed following a public holiday. Taiwanese markets were closed Thursday and Friday for a holiday, as trillions of dollars were wiped off the value of global stocks and countries scrambled to limit the impact of Trump's levies.

Singapore
Singapore’s Straits Times Index opened with a loss of 7.37%, falling 281.84 points to 3,544.02. 

United States
US futures also signalled further weakness. The future for the S&P 500 lost 4.2%, while that for the Dow Jones Industrial Average shed 3.5%. The future for the Nasdaq lost 5.3%.

Australia
In Australia, the blue-chip ASX200 index fell more than 6%. The ASX200 index has now sunk more than 10% since the start of the year. It touched its lowest point in nearly 15 months, intensifying concerns about the broader economic fallout.

Prime Minister Anthony Albanese said his government was "preparing for further uncertain times. You can't change global events. What you can do is prepare for them," he told reporters on Monday.

The US slapped 10% tariffs on Australian goods as part of last week's sweeping announcement.

Hong Kong
In Hong Kong, stocks fell heavily as the Hang Seng Index slid 9.28%, or 2,119.76 points to 20,730.05.

China
On the mainland, the Shanghai Composite Index recorded a 4.21% drop, falling 140.84 points to 3,201.17, deepening investor unease about the trajectory of the trade dispute. China's announcement after Asian markets closed on Friday that it would hit the United States with retaliatory tariffs of 34 % further fuelled fears of the impact of the escalating trade war. 

(with inputs from agencies)