Asian stock markets tumble amid escalating US-China tariff dispute

By Tuba Ongun

Major Asian stock markets recorded significant losses on Monday, with Hong Kong’s Hang Seng Index suffering the steepest decline, as escalating trade tensions between the US and China sparked investor concerns over a potential global recession.

The market turmoil followed China's announcement on Friday of a 34% tariff on US imports -- a direct response to US President Donald Trump's decision to impose 34% tariffs on Chinese goods.

The Asia Dow, which tracks leading blue-chip companies across the region, fell 9.25% to 3,636.19 points as of 0631GMT.

Japan’s Nikkei 225 index declined 7.68%, closing at 31,187.50 points.

The Hang Seng Index, a key benchmark for Hong Kong's blue-chip stocks, plunged 12.46% to 20,002 points -- marking its worst single-day performance in 16 years.

China’s Shanghai Stock Exchange dropped 8.48% to 3,058.74 points, while India’s Sensex index shed 3.76%, closing at 72,531.45.