Japan's Nikkei 225 falls nearly 9%, Hong Kong's Hang Seng plunges 10% amid Trump tariff carnage

Asian stocks plummeted on Monday in the aftermath of US President Donald Trump's tariff and retaliation by China.

Japan's Nikkei 225 index lost as much as 8.84%. Earlier in the trading, trading was suspended in Japanese stock futures due to the market hitting circuit breakers.

Australia's S&P/ASX 200 slipped up to 6.5%, while South Korea's Kospi tumbled 5.58%.

Hong Kong's Hang Seng index lost 10.14%. Similarly, Taiwan's TAIEX plunged 9.79%.

US futures also signalled weakness. The future for the Dow Jones Industrial Average is down 2.59%, while that of the S&P 500 descended 3.16%. The Nasdaq futures declined 4%.

Reacting to the market slump, President Trump said that he does not want markets to fall, but "sometimes you have to take medicine to fix something.

Addressing reporters aboard Air Force One, the POTUS claimed that "our country is much stronger."

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The GIFT NIFTY traded 3.67% or 841.5 points lower, suggesting a bearish opening for Indian stock markets.

Meanwhile, NSE Managing Director and Chief Executive Officer Ashish Kumar Chauhan, speaking to news agency PTI on Sunday, asserted that India is doing much better than other countries. He stated a clear situation is expected to emerge in the next two weeks.

"You must have seen the market for the last 2-3 days. America has made a decision on tax, which is applicable to every country in the world. They have also imposed new import duties for India, which is doing better than other countries,” he said.

"A situation of confusion persists as of now. Many feel that some companies may face more losses. But overall, there will be negotiations and the duty structure will be stabilized. The situation should be clear in the next one or two weeks,” he added.