Tokyo, Feb 3, (V7N) – Asian markets tumbled on Monday as Tokyo and Seoul shares fell more than two percent following US President Donald Trump’s sweeping trade tariffs on Canada, Mexico, and China.

Tokyo’s Nikkei 225 dropped 2.70% (1,067.17 points) to 38,505.32, while the Topix index fell 2.47% (68.87 points) to 2,719.79.

Meanwhile, Seoul’s KOSPI slipped 2.15% to 2,463 in early trade.

The US stock market slipped on Friday after Trump’s announcement of new tariffs. Before the news, Wall Street had been in positive territory following strong Apple earnings and US inflation data that met expectations.

On Saturday, Trump signed off on broad 25% tariffs on Mexico and Canada, despite the existence of a regional free trade agreement. He also imposed a new 10% tariff on China, adding to previous levies.

The market reaction suggests investor concerns over trade tensions escalating, which could impact global supply chains and economic growth.

END/BUS/RH/