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Stock markets in the Asia-Pacific region seem to regain some calm after Monday’s “bloodbath” amid fears about worsening consumer finances following US President Donald Trump’s sweeping tariffs. Japan’s Nikkei, South Korea’s Kospi, and Australia’s ASX 200 all opened in green on Tuesday morning, although they only regained a fraction of yesterday’s mega losses.
Tokyo’s Nikkei index jumped nearly 6 per cent in early trade on Tuesday after plunging an eye-watering 7.8 per cent the previous day. The benchmark Nikkei 225 index was up 5.81 percent, or 1,809.92 points, to 32,946.50 yen, while the broader Topix index gained 6.20 percent, or 141.82 points, to 2,430.48 yen.
Seoul’s Kospi index was also up nearly 2 per cent. However, Taiwan’s benchmark Taiex index plummeted more than 5 per cent, adding to an almost 10 per cent plunge on Monday.
Australian stocks also surged as banking and mining shares rose, driven by reassurance from the Treasurer Jim Chalmers. The S&P/ASX 200 index gained 1.1 per cent to 7,423.40 points. The benchmark had finished 4.2 per cent lower on Monday.
The market in Hong Kong crawled back some of the massive losses suffered the day before after China retaliated in kind against US tariffs, though Shanghai dropped further.
The Hang Seng Index added 1.66 percent, or 329.22 points, to 20,157.52, but the Shanghai Composite Index dipped 0.07 percent, or 2.31 points, to 3,094.26.
The effect of Yesterday’s bloodshed was again seen in Vietnam, where stocks are down more than 3.5 per cent after trading holiday, while Indonesian shares have also plummeted over 9 per cent at open.
Investors took the opportunity to buy up beaten-down stocks after Monday’s 13.2 percent rout wiped trillions off company valuations as US President Donald Trump’s trade war ramps up recession worries.
Trump on Monday threatened to impose an additional tariff of 50 per cent on Beijing’s imports to the US will affect the stocks, after China announced a tit-for-tat 34 per cent tariff on the United States.
In retaliation, China’s commerce ministry on Tuesday vowed to fight US tariffs “to the end” and also threatened to take “countermeasures” to defend its “rights and interests” should Trump go ahead with his threat.
“The US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the US’s blackmailing nature,” a ministry spokesperson said.
“China will never accept this,” they said.
“If the US insists on going its own way, China will fight it to the end. If the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests,” the spokesperson added.
Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party. As the trade war escalates, Beijing — Washington’s major economic rival — unveiled its own 34 percent duties on US goods to come into effect on Thursday.
China’s commerce ministry also on Tuesday reiterated that it sought “dialogue” with the United States, and that there were “no winners in a trade war”.
Analysts believe that Asian markets are showing a ‘hint of optimism’ after the US futures market showed an ascent.
What is currently happening is “something of a natural market bounce following Monday’s calamities,” Tim Waterer from the KCM Trade brokerage told the BBC.
“US futures markets have been moving higher, which has given a hint of optimism for Asian markets,” he added.
Vishnu Varathan from Mizuho Securities Singapore told the British publication that what investors are seeing is “some scope for a rebalancing” after several “rather ugly” market sessions.
“It’s just a case of waiting it out to determine which way [tariff threats] swing,” Varathan added.
US President Donald Trump’s tariff move has drawn a rare pushback from Bill Ackman, a billionaire investor among his top supporters. He has listed the perils of tariffs, the most significant of which is a blow to the US reputation as a trading partner. Ackman also claimed the formula used by the Trump administration to calculate the tariffs was wrong, and the tariffs appeared four times larger than they were.
“President Donald Trump is not an economist and therefore relies on his advisors to do these calculations so he can determine policy. The global economy is being taken down because of bad math,” he wrote on X.
He said business is a confidence game and that confidence depends on trust, suggesting that Trump violated that trust.
“The president is losing the confidence of business leaders around the globe. The consequences for our country and the millions of our citizens who have supported the president are going to be severely negative. This is not what we voted for,” he said.
Ackman acknowledged that the US suffered from unfair trade practices, but said the disproportionate tariffs threatened to destroy the trading confidence that others had in the US.
“By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are 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,” he wrote in a long post on X.
‘Economic Nuclear Winter’
Calling the tariffs policy an “economic nuclear war”, he said it will bring business investment to a halt, make the consumers close their wallets, and end up damaging the US’ reputation – which may take decades to rebuild.
“When markets crash, new investment stops, consumers stop spending money, and businesses have no choice but to curtail investment and fire workers,” he warned, pointing out that not just big ones, but smaller businesses will also get hit.
The US is “heading for an economic nuclear winter,” Ackman warned, advising Trump, “We should start hunkering down”.
Jamie Dimon, chief executive officer at JPMorgan Chase & Co, also warned of inflation that may lead to recession. In his annual letter to shareholders, he flagged a lack of trade deals between the US and its closest allies and suggested that the US develop closer trade ties with countries like India instead of asking them to align themselves with the US.
Warning shots were heard from staunch loyalist Senator Ted Cruz as well, hinting at a rebellion brewing in the Republican camp. “If we go into a recession, particularly a bad recession, 2026, in all likelihood politically, would be a bloodbath,” he cautioned on his Verdict podcast.
The criticism came on a day Trump’s protectionist policies worsened a selling frenzy on trading floors across the world, extending losses to trillions since the President announced reciprocal, yet discounted, tariffs on the world. He, however, struck a defiant note on Monday, equating the tariffs to a “medicine” that was required to fix the economy.