Stock markets have plunged in Asia, as President Donald Trump’s tariffs continue to send shockwaves around the world. Hong Kong’s Hang Seng is down 9.8% with Hong-Kong listed shares of UK banks HSBC and Standard Charted also plunging. Earlier, US futures were sharply down, indicating that Wall Street shares will fall when US markets open. Donald Trump, speaking to reporters on Air Force One, has defended his tariff policy, saying “sometimes you have to take medicine to fix something” -BBC
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In Japan, the bellwether Nikkei Stock Average nosedived 8.8% to 30,792.74 - hitting the lowest intraday level since October 2023. It sank around 23% since its January peak. The broader Tokyo Stock Price Index dropped as low as 2,243.21, losing 9.6% - Nikkei Asia
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Hedge fund manager Bill Ackman has said Trump’s tariffs could lead the world into a “economic nuclear winter” as he called for a 90-day pause on the taxes. Ackman, who is one of Trump’s most prominent Wall Street backers, said in a lengthy post on X , external that the president was losing the confidence of business leaders. “The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust,” Ackman said. “The president has an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals, and induce trillions of dollars of new investment in our country,” he added. If not, Ackman added that Trump was “in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital” - BBC
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Malaysia will lead efforts to coordinate a regional response in Southeast Asia towards US President Donald Trump’s tariffs, the country’s Prime Minister Anwar Ibrahim said. “Malaysia, as Asean chair, will lead efforts to present a united regional front, maintain open and resilient supply chains, and ensure Asean’s collective voice is heard clearly and firmly on the international stage,” Anwar said during a video address. In a separate post, Anwar said he had a call with Vietnamese Prime Minister Pham Minh Chinh on a collective response by the region. The Malaysian leader also discussed the tariffs with Indonesian President Prabowo Subianto. Countries in the Association of Southeast Asian Nations — a collective grouping of 10 countries in the region — are among those hardest hit by US tariffs. Vietnam and Cambodia were slapped with 46% and 49% tariff rates, respectively, by the Trump administration, while Malaysia received a 24% rate - Bangkok Post
Three USAID workers who travelled to Myanmar after the devastating earthquake were informed that they were being let go, according to Marcia Wong, a former senior USAID official, speaking to Reuters. “This team is working incredibly hard, focussed on getting humanitarian aid to those in need. To get news of your imminent termination – how can that not be demoralising?” Wong said. The UN Office of the High Commissioner for Human Rights reported on April 4 that the junta was restricting aid supplies to quake-affected areas where communities did not support its rule. The US, which was until recently the world’s leading humanitarian donor, has pledged at least US$9 million (307.50 million baht) to Myanmar to support earthquake-affected communities. However, current and former US officials have stated that the scaling back of its foreign aid programme has hindered its response. - Asia News Network
Iran’s foreign minister rejected US proposals for direct negotiations over Tehran’s nuclear ambitions, days after US President Donald Trump called for face-to-face talks. In a statement released on April 6 by the Foreign Ministry, Abbas Araghchi said Tehran was prepared to hold indirect talks with Washington. “Iran keeps itself prepared for all possible or probable events, and just as it is serious in diplomacy and negotiations, it will also be decisive and serious in defending its national interests and sovereignty,” he was quoted saying. Araghchi’s comments came three days after Trump called for “direct talks” with Tehran, saying they were “faster” and offered a better understanding than using intermediaries - RFE/RL
Ukrainian President Volodymyr Zelensky criticized the U.S. Embassy in Ukraine over its “surprisingly disappointing” response to Russia’s strike on the city of Kryvyi Rih, Zelensky’s hometown. Zelensky, in a lengthy Saturday post on the social platform X, accused the U.S. Embassy in Ukraine of being afraid to mention Russia when commenting on the Friday attack that killed at least 19 people and injured nearly 70 more. “Unfortunately, the response from the U.S. Embassy is surprisingly disappointing — such a strong country, such a strong people, and yet such a weak reaction,” Zelensky wrote. “They are afraid to even say the word ‘Russian’ when speaking about the missile that murdered children.” Following the deadly Russian attack on Kryvyi Rih, a city in central Ukraine, U.S. Ambassador to Ukraine Bridget Brink said she was “horrified that tonight a ballistic missile struck near a playground and restaurant in Kryvyi Rih. More than 50 people injured and 16 killed, including 6 children. This is why the war must end.” Zelensky, in the Saturday morning post, agreed that the three-year war in Eastern Europe “must end.” “But to end it, we must not be afraid to call things by their names. We must not be afraid to pressure the one who continues this war and ignores all the world’s proposals to end it,” Zelensky said. “We must pressure Russia — the one choosing to kill children instead of choosing a ceasefire. There must be additional sanctions against those who cannot exist without ballistic strikes on their neighboring nation,” Ukraine’s leader added. “We must do everything in our capacity to save lives.” - The Hill
The circulating horror stories of random interrogations and incarceration of foreign nationals at U.S. border entry points are apparently to blame for a double digit drop in overseas visitors. Goldman Sachs Global Investment Research found a 13% drop compared to a year ago. Canada is among several countries which have issued travel advisories for the U.S., warning that random searches and interrogations - including seizures of mobile phones - are occurring more frequently.
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