Trump's tariffs continue battering markets

Markets around the world are reeling from US President Donald Trump's new import tariffs.Tomohiro Ohsumi/Getty ImagesUS stock futures extended losses on Friday as new US tariffs hit investor sentiment.Asian markets, including Vietnam and Thailand, face steep tariffs, risking recessions.

Trump said he is open to cutting deals if the US gets "something that's so phenomenal" in return.Markets are extending losses on Friday as investors continue to be wary of new US import tariffs.Thursday saw Wall Street's worst day in five years, and the pain continued in after-hours trading and Asia markets.



US stock futures were trading lower as of 3:40 a.m. ET on Friday:Dow Jones futures: 40,540.

00, down 0.6%S&P 500 futures: 5,403.75, down 0.

5%Nasdaq 100 futures: 18,604.25, down 0.4%Asia, which faces the brunt of President Donald Trump's tariffs announced Wednesday, closed the week in the red as investors fear the new levies could lead to recessions in many countries.

Dilin Wu, a research strategist at Pepperstone, an Australia-based broker, told Business Insider that the extent of the decline in the Asian markets matched her expectations.Wu said that Trump's "overly simplistic and aggressive calculation" for tariff rates is particularly painful for small Asian economies.Southeast Asian countries — many of which have become supply chain hubs for companies diversifying manufacturing activities from China — are some of the most affected by the new US tariffs.

"In the short term, uncertainty surrounding policy continues to cloud the markets, with defensive strategies taking the lead and little room for a rebound in Asian risk assets," Wu said.China, Hong Kong, and Indonesia's markets were closed on Friday, but the rest of the region was awash in red:Japan's Nikkei 225: -2.8%South Korea's Kospi: -0.

9%Vietnam's Ho Chi Minh Stock Index: -3.8% at 1:49 p.m.

local time.Thailand's SET Index: -2.3% at 12.

30 p.m. local time.

Malaysia's KLCI: -1.1% at 2:51 p.m.

local time.Australia's ASX200: -2.4%India's Sensex: -1.

1% at 12:37 p.m. local time'Too late to panic'Meanwhile, oil futures were lower after crashing on Thursday due to demand concerns and a surprise decision from the Organization of Petroleum Exporting Countries to ramp up output.

The US dollar edged lower due to concerns over the American economy.Even haven asset gold has retreated from a record high in the broad market sell-off to trade below $3,100 per troy ounce."It's too late to panic," veteran analyst Ed Yardeni said on a Bloomberg podcast on Thursday.

"If you got a good portfolio, you stay with it."Yardeni said he thinks intense pushback to Trump's "tariff wall" will prompt negotiations for changes to the high levies.On Thursday, Trump told reporters that he would be open to cutting deals if countries give the US "something that's so phenomenal" in return.

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