After the retaliatory tariffs imposed by US President Donald Trump, markets all over the world are trading under the shadow of fear and apprehension. The US market is also faltering amid the sound of a trade war. The US market Wall Street saw a huge decline on Friday. After this, Japan's stock benchmark also saw a huge decline on Monday.

Tokyo's Nikkei 225 index fell by about 8% immediately after the market opened. Australia's S&P/ASX 200 fell by more than 6%. Similarly, South Korea's Kospi recorded a decline of 4.4%.

US futures showed further signs of weakness. S&P 500 futures fell 4.2%, while the Dow Jones Industrial Average fell 3.5%. The Nasdaq also fell 5.3%.

Earlier on Friday, Wall Street witnessed its worst performance since Covid. It set a new unwanted record of decline. The S&P 500 fell 6% and the Dow fell 5.5%. The Nasdaq Composite also fell 5.8%.

This decline came when China announced new tariffs on the US in retaliation to the major increase in tariffs announced by President Donald Trump earlier this week.