Asian stock markets experienced a sharp decline amid growing concerns over a global trade war, with Donald Trump referring to his tariffs as “medicine” and showing no intention of backing down.
Hong Kong’s Hang Seng index plummeted 13.2%, marking its biggest one-day drop since 1997, while the Shanghai Composite index fell 7.3%, the worst drop since 2020.
In other markets, Japan’s Nikkei 225 dropped 7.8%, and London’s FTSE 100 was down 4.85% in Monday.