The main stock index in Tokyo dropped by 7.8% at the close on Monday, in Hong Kong it fell by over 13%, in Shanghai by 7.3%, and in Taipei by 9.7%. The Singapore Stock Exchange lost 7.5%.
Declines were also observed on European stock exchanges. Around 11 AM Polish time, the German DAX index was down nearly 6%, the Parisian CAC40 dropped by more than 5.5%, and the London FTSE100 lost more than 4.5%. The Warsaw WIG20 index had fallen by more than 3.5% at that time.
Sharp declines from Asia to Europe following U.S. tariff increases
This situation is a result of the new tariff rates announced by the Donald Trump administration for nearly all goods imported to the U.S. These do not apply to Canada and Mexico, which were already subject to a 25% tax imposed by President Trump (covering about half of U.S. imports).
Exempt from these tariffs are steel, aluminum, cars, and car parts, which are also subject to separate 25% duties, as well as copper, pharmaceuticals, semiconductors, and timber (which are expected to be additionally taxed in the future), as well as energy carriers and minerals that are not available in the U.S.
South Korea Composite Stock Price Index (KOSPI) plunges. Photo: JEON HEON-KYUN/PAP/EPA
PM Tusk reacts to global market turmoil
According to the head of the Polish government, "the reaction to the trade war was predictable." Donald Tusk wrote on X (formerly Twitter) that "the stock market turmoil from Japan through Europe to America must be weathered without hasty decisions."
In Tusk's opinion, "The Polish stock market was also affected, but our political and economic stability are our strengths in these challenging times." "We will endure calmly!" the politician assured.
So far, only the first part of changes to U.S. tariffs has been announced. On April 9, additional taxes will be imposed on goods from 57 countries that have a trade surplus with the United States. Among these countries are China and the European Union, which will face additional tariffs of 34% and 20%, respectively, as well as Japan (24%), South Korea (25%), India (26%), Vietnam (46%), and Taiwan (32%).
Mass protests erupt worldwide against Trump administration's policies
Over the weekend, thousands of people took part in mass protests across the U.S. in cities such as Washington, New York, Atlanta, Boston, and Miami, opposing the policies of President Donald Trump.
Protests against the decisions made by the current U.S. administration also took place in several European cities, including Berlin and Frankfurt in Germany, Paris, and London.
Thousands of people gather on Boston Common as part of a nationwide 'Hands Off,' rally aimed at US President Trump and Elon Musk in Boston, Massachusetts, USA, 05 April 2025. Hundreds of protests have been called across the country in opposition to US President Trump's policies. Photo: CJ GUNTHER/PAP/EPA
(m p)
Source: IAR/PAP/X/@donaldtusk