Asian markets and U.S. futures experienced a significant decline on Thursday due to President Donald Trump's announcement of imposing high tariffs on imports from various countries. This move caused Tokyo's Nikkei 225 index to drop over 3.4%, recovering slightly to a 2.9% decrease at 34,699.52.

Trump's decision included a 24% "reciprocal tariff" on Japan, a close ally of the United States, and a 25% tariff on South Korea. Consequently, South Korea's benchmark Kospi fell by 1.9%, while Australia's S&P/ASX 200 decreased by 1.8% to 7,793.10.

The future for the S&P 500 declined by 3%, and the Dow Jones Industrial Average lost 2%, indicating potential losses when U.S. markets reopen on Thursday. U.S. stocks experienced volatility before Trump's announcement of the "Liberation Day" tariffs. Despite the fluctuations, the S&P 500 rose by 0.7% to 5,670.97, the Dow Jones Industrial Average increased by 0.6% to 42,225.32, and the Nasdaq composite climbed by 0.9% to 17,601.05.

Tesla's fluctuation impacted the market, initially dropping over 6% but eventually closing 5.3% higher. Newsmax observed a 77.5% decline in its third trading day after significant gains earlier in the week. On the other hand, select airlines, such as United Airlines, saw an increase in their stock value amid concerns about reduced travel due to trade tensions.

Uncertainty surrounding Trump's trade policies has contributed to shaky global financial markets. While Trump aims to create a fairer global trade system and reshore manufacturing jobs, tariffs pose risks to economic growth and inflation rates. Following the U.S. market close, Trump announced a 10% baseline tax on imports across all countries and higher tariff rates on nations with trade surpluses with the U.S., including China, the EU, and Taiwan.