Asia-Pacific markets fell on Wednesday as investors brace themselves for U.S. President Donald Trump's country-specific tariffs that are set to come into effect midnight stateside.
Australia's S&P/ASX 200 slid 1.06%.
Japan's Nikkei 225 lost 3.14%, while the Topix traded 3.26% lower. South Korea's Kospi edged 0.18% lower while the small-cap Kosdaq lost 0.44%.
Hong Kong's Hang Seng Index fell 3.86%, while the Hang Seng Tech Index declined 5.42%.
Additional tariffs will take effect just after U.S. midnight, adding to the 10% baseline duty that was already implemented on Saturday. Chinese goods will now face a cumulative tariff rate of 104%, the White House confirmed.
Investors will also be keeping an eye out for Reserve Bank of India's decision later in the day. India' central bank is expected to deliver a second straight rate cut today, according to economists polled by Reuters, which will bring its policy rate to 6%.
Overnight in the U.S., the three major averages closed lower. The Dow Jones Industrial Average dropped 320.01 points, or 0.84%, and closed at 37,645.59, bringing its four-day loss on tariff angst to more than 4,500 points. Apple led the losses with the iPhone maker's costs set to surge with new China tariffs.
The S&P 500 declined 1.57% to end at 4,982.77. The index was inches away from closing in a bear market, down nearly 19% from its February record, and it ended the session below 5,000 for the first time since April 2024. Over the past four days, the S&P 500 has fallen more than 12%.
Source: CNBC
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