Tariffs live: Markets plummet across Asia as Trump sparks fears of global trade war

Asian markets tumbled on Thursday morning after US president Donald Trump unveiled his long-awaited list of tariffs and sparked fears of a global trade war. Mr Trump said he would impose a 10 per cent baseline tariff on all imports to the US, which will take effect on 9 April. Chinese imports will be hit with a 34 per cent tariff, on top of the 20 per cent he previously imposed, bringing the total new levy to an eye-watering 54 per cent.

Japan – which was hit with a 24 per cent tariff – saw its Nikkei 225 index initially dip more than 4 per cent on opening, though it recovered slightly. South Korea, also an ally, was hit with a 25 per cent tariff. Its benchmark Kospi slumped 1.



5 per cent to 2,468.97. Hong Kong's Hang Seng lost 1.

4 per cent to 22,887.03, while the Chinese yuan hit a new one-month low. Mr Trump confirmed a 25 per cent tariff would be imposed on all foreign cars imported to the US – a move which experts fear could cost 25,000 jobs in the British car industry .

He indicated tariffs of 10 per cent would apply to other products from the UK..