Asian markets tumbled Thursday as investors reacted to US President Donald Trump’s announcement of sweeping global tariffs, which included hefty tariffs targeting many Asian countries.

Meanwhile, gold hit a new record high just above $3,160 an ounce according to EDnews, as investors rushed to the precious metal, traditionally seen as a safer financial bet.

Japan’s benchmark Nikkei 225 index tumbled nearly 4% at the open Thursday, reaching at eight-month low, as the country braced for 24% tariffs on exports to the US.

Hong Kong’s benchmark Hang Seng Indexwas down about 1.15% Thursday morning after the US announced a new 34% tariff on China, bringing the total US tax on Chinese goods to a whopping 54%.

South Korea’s Kospi stock market index was last trading about 1% lower after falling 3% at the open. Its imports to the US will face a 25% levy.
Australia’s ASX 200 dropped 142 points, or 1.79% when it opened Thursday after Trump’s decision to impose a 10% tariff on the country’s exports. Markets in Taiwan were closed Thursday.

Vietnam’s benchmark VN Index fell more than 5% in early trade, according to Bloomberg News. The gauge is poised to erase its year-to-date gains.

Madina Mammadova\\EDnews