Asian markets fell after Donald Trump announced new tariffs of 10% to 12.5% on more than 80 countries, including the UK, EU, China, India, Mexico, Canada and Australia. The measures replace a blanket 10% tariff introduced in February and have heightened concerns about weaker global trade and economic growth, while rising oil prices add to pressure on investors.

Japan’s Nikkei 225 fell 3.1%, China’s SSE Composite lost 1.4%, Hong Kong’s Hang Seng dropped 11.4% and South Korea’s Kospi declined 6.2%. The tariffs are expected to use Section 301 of the 1974 Trade Act, with the US citing forced-labour import bans; the Bank of France governor said Europe’s existing agreement should limit the direct impact, but warned of wider uncertainty. Brent crude slipped 0.9% to $99.80 a barrel, though remained more than 10% higher over the week amid Middle East supply concerns.