© Marco Bottigelli | Moment | Getty Images
Japan stocks led declines in the region on Friday, tracking steep losses on Wall Street after U.S. President Donald Trump’s tariffs rattled global markets.
Australia’s S&P/ASX 200 fell 2.44%, sliding into correction territory after declining 11% since its last high in February.
Japan’s Nikkei 225 fell 3.04%, while the Topix declined 5.09%.
South Korea’s Kospi slipped 1.78% and the small-cap Kosdaq lost 0.87% after the country’s Constitutional Court upheld the impeachment of President Yoon Suk Yeol, ousting him from office.
The decision now starts a 60-day countdown where a presidential election must be held to select the next president. Prime Minister Han Duck-soo has been reinstated as acting president in the mean time.
Hong Kong and China markets are closed for the Qingming Festival.
On Wednesday, Trump unveiled reciprocal tariff rates that over 180 countries and territories will face, raising the risk of a global trade war.
U.S. futures fell after Trump’s tariffs led to the largest decline in U.S. equities in five years.
Futures tied to the blue-chip index lost 100 points, or 0.3%, after the 30-stock average tumbled more than 1,600 points in the prior session. S&P 500 futures and Nasdaq 100 futures each shed 0.2%.
Overnight in the U.S., the three major averages plummeted. The S&P 500 slid back into correction territory, dropping 4.84% to 5,396.52. The Dow Jones Industrial Average tumbled 1,679.39 points, or 3.98%, to close at 40,545.93 and the Nasdaq Composite fell 5.97% to end at 16,550.61, logging its biggest decline since March 2020.
CNBC’s Brian Evans, John Melloy and Pia Singh contributed to this report.
