Key Asian markets declined today, with benchmarks in Japan, Hong Kong, and South Korea tumbling more than 2 percent as US President Donald Trump’s decision to push ahead with 25 percent tariffs on imports from Mexico and Canada and to double tariffs on Chinese products to 20% left investors reeling. Japan’s Nikkei 225 index plummeted 3 percent; Hong Kong’s Hang Seng index slumped 3.3 percent; China’s Shanghai Composite index lost 2 percent.

China’s leadership is due to meet next week to map out their plans for the economy this year, with Trump high on the agenda, along with how to kickstart consumer activity and support the crucial property sector. ​​South Korea’s Kospi slipped 3.4 percent, and Singapore’s Straits Times Index fell 0.7 percent. In Europe, ​​Germany’s DAX and France’s CAC 40 fell 0.3 percent and 0.4 percent, respectively, and Britain’s FTSE was down 0.3 percent in the intraday trade.