Asian stock markets opened in a bloodbath today. The carnage came as US President Donald Trump defended his tariffs, saying any adjustment in the stock market will be temporary. Speaking about the falling markets, he said that medicine can be necessary at times.

In early trade today, Japan’s Nikkei index plunged more than 7 per cent, as the fallout from Trump’s bombshell announcement last week continued to unnerve investors. South Korea’s Kospi was off 4.8 percent.

Australian blue-chip stocks, a benchmark index of the country’s largest 200 listed companies, also sank 6 per cent after trading opened today. The Taiwan stock index also plunged 9.8 per cent at the open.