Tokyo Stocks Plummet Amid Trump’s Tariff Hike
(MENAFN) Tokyo’s stock market declined on Monday, weighed down by investor unease over inconsistent U.S. trade policies following President Donald Trump's surprise decision to double tariffs on imported steel and aluminum.
Japan’s primary stock barometer, the Nikkei 225, slid 494.43 points, marking a 1.30% drop from Friday’s close, ending the session at 37,470.67.
The broader Topix index also fell, shedding 24.28 points, or 0.87%, to wrap up at 2,777.29.
Investor sentiment took a hit amid mounting fears of a potential global economic slowdown.
Market jitters were triggered after Trump announced on Friday that steel and aluminum tariffs would be increased from the previously imposed 25% to a new rate of 50%.
The Nikkei briefly plunged by over 500 points during intraday trading, as chipmaker-related stocks faced heavy selling pressure, mirroring similar losses seen among U.S. semiconductor firms at the end of last week.
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