Taiwanese financial regulator introduced temporary restrictions on short stock sales to stabilise the market. Taiwanese president Lai Ching-te stated that the government does not plan to impose retaliatory duties on US products, seeking to enter into a zero-rate agreement and spending $2.7 billion to aid national industries affected by fresh taxes. Lai called on Taiwanese people to "not panic", stressing that appropriate public-private strategy and cooperation could minimise the impact of the situation.
The Hang Seng China Enterprises Index in Hong Kong fell by 9.1% and the shares of Chinese companies Alibaba and Baidu lost more than 12%. The Singapore Stock Exchange Index recorded a decrease of 8.7 percent, the largest decrease since 2008.
The Australian S&P/ASX 200 lost 4.6 percent, while the Shanghai Composite Index fell by about 4.8 percent. In Seoul Kospi Index lost 4.8 percent.
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Panic in Asian markets. Trump's decision completely changed the situation
On the Osaka stock exchange, the futures contracts on Nikkei temporarily fell by over 9%, which led to a temporary cessation of trade. nipponese Jen strengthened by 0.48%, reaching 145 per dollar.
The shares of the 3 largest nipponese banks fell by over 12%, Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group increased the losses recorded last week. The Tokyo bank stock index has lost 20% in this period, which means the biggest drop in decades,” notes Nikkei Asia.
The declines raised concerns about the impact of duties on Asia's economies, peculiarly those heavy dependent on exports.
On Wednesday evening, US president Donald Trump signed a regulation imposing "reciprocal duties" of at least 10% on goods imported from abroad; in the case of EU goods, they will amount to 20%.
In the case of China, the tariffs will be 34% (this rate will be added to the previously announced 20% tariffs; it will be 54 percent), Japan – 24 percent, India – 26 percent, South Korea. — 25 percent Universal 10-percent. the rate of work has been in force since 5 April and the customs duties for each country are in force on 9 April.
