Donald Trump’s new tariffs triggered a sharper decline in US financial markets than in global counterparts.

US equity index futures dropped over 4% after the announcement, while the US dollar weakened.

A broad index of Asian stocks declined by 1.7% at its lowest point, while European futures dropped 2.4% before partially recovering.

The tariffs escalated trade tensions, raising concerns about economic fallout.

The US dollar recorded one of its steepest declines this year, falling 1.5% against the Japanese yen and over 1% against the euro.