In Singapore, financial markets reacted strongly to U.S. President Donald Trump's decision to impose higher tariffs worldwide, disrupting trade and supply chains. Stock prices plummeted, bond prices surged, and the U.S. dollar strengthened, causing Asian markets to anticipate a decline.

Tech-heavy Nasdaq futures dropped by 4% due to China, a significant manufacturing center, facing a 34% tariff in addition to an existing 20% tariff. Apple's stock declined by nearly 7% in after-hours trading. S&P 500 and Nikkei futures fell by 3.3% and over 4% respectively, while Australian shares saw a 2% decrease.

The U.S. dollar rose, except against the Japanese yen, which strengthened to 148.15 per dollar. Gold prices were close to reaching new record highs, and U.S. Treasury futures rose amid concerns of a potential economic slowdown in the U.S. Oil prices fell by over 2%, closing U.S. crude futures at $69.73 per barrel.

Trump's announcement included a base tariff of 10% on imports, with higher tariffs on some trading partners in Asia. Various countries like Japan, Vietnam, South Korea, and the European Union faced increased tariffs. As a result, financial instruments like Van Eck's Vietnam ETF dropped by more than 8% after hours.

By closing a loophole that allowed low-value packages from China, Trump targeted Chinese online retailers, potentially impacting their business. Trading partners are expected to retaliate with their own measures, potentially leading to significant price increases.

U.S. interest rate futures surged as investors forecast a slowdown in U.S. growth and a higher likelihood of rate cuts. The unexpected tariff rates have raised concerns about a possible recession in the U.S., prompting analysts to suggest negotiations to avoid economic downturn.