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Anxiety and uncertainty over U.S. tariffs and economic retaliation from China caused foreign markets to plunge on Monday. European and Asian stock markets were the first to experience the economic fallout this week.
Asian markets were hit particularly hard.
In Hong Kong, the Hang Seng dropped 13.22% to 19,828.30 on Monday, the Associated Press reported. Additionally, the SSE Composite Index on the Shanghai Stock Exchange fell 7.34% to 3,096.58, Taiwan’s Taiex decreased 9.7% to 19,232.35, and Kospi in South Korea fell 5.57% to 2,328.20. In Japan, Tokyo’s Nikkei dropped 7.83% to 31,136.58.