It’ll get worse before it gets better. Circuit breakers likely to trip tomorrow.

Asia-Pacific markets extended their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump’s tariffs fueled a risk-off mood.

 

Japanese markets led losses in the region in early trade. The benchmark Nikkei 225 plunged 8.03% while the broader Topix index plummeted 8.64%.

 

Over in South Korea, the Kospi index fell 4.34% at the open, while the small-cap Kosdaq fell 3.48%.

 

Australia’s S&P/ASX 200 declined 6.07% at the open. The benchmark slid into correction territory with an 11% decline since its last high in February, in its previous session.

 

Futures for Hong Kong’s Hang Seng index stood at 22,772 pointing to a stronger open compared to the HSI’s last close of 22,849.81.

I’m not panicked. I’m not pulling out of the equity markets. I think tariffs are terrible policy, but I also think that the U.S. economy was inflated. The U.S. economy is incredibly resilient and will bounce back fine.