The implementation of new U.S. tariff measures at 00:01 Eastern Time on April 9 triggered immediate market turbulence across global financial markets. U.S. stock futures led the declines, with Nasdaq futures dropping over 2.6%, S&P 500 futures falling nearly 2.5%, and Dow Jones futures down 2.1% in early trading. The sell-off reflected investor concerns about the potential impact of heightened trade barriers on corporate profits and economic growth.
Asian markets exhibited a more mixed response during Tuesday's session. Hong Kong's Hang Seng Tech Index initially plunged nearly 6% at open before staging a partial recovery to close the morning session down 0.96%. The broader Hang Seng Index and HSCEI similarly pared their early losses to finish the morning down 1.55% and 1.22% respectively, demonstrating some resilience despite the negative sentiment.
Cryptocurrency markets joined the risk-off movement, with Bitcoin slipping 1.2% to US$76,084.91 and Ethereum dropping more than 3% to briefly touch US$1,387.02 - its lowest level since 2022. The Japanese yen strengthened noticeably against the U.S. dollar as investors sought traditional safe havens, while Japan's Nikkei 225 index suffered one of its worst days in recent memory with a 5% plunge.
Market analysts noted the divergent reactions across regions and asset classes suggest investors are still assessing the uneven impacts of the new trade policies. While technology and trade-sensitive sectors bore the brunt of selling pressure, some markets demonstrated the ability to recover from initial shocks. Attention now turns to corporate earnings guidance and potential policy responses from affected nations in the coming days, with particular focus on whether the Federal Reserve might adjust its monetary policy stance in response to the new trade environment. The full economic consequences of the tariff measures may take weeks to fully manifest across global supply chains and consumer markets.
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