Asian markets pulled back on Friday following a jolt in Wall Street that hadn't been seen since the onset of the COVID-19 pandemic due to concerns about the impact of President Trump's latest tariffs on the global economy. U.S. stock futures and oil prices both experienced a decline.

In response to Trump's tariff announcements, Tokyo's Nikkei 225 dropped by 2.6% while Korea's Kospi fell by 0.8% as both countries began negotiations aimed at reducing tariffs with the Trump administration. Meanwhile, Australia's S&P/ASX 200 also experienced a significant fall by 1.9%. Chinese markets were closed for a holiday.

Trump's proposal of at least a 10% tariff on imports, with potentially higher rates on products from certain countries like China and the European Union, raised concerns about a significant impact on U.S. economic growth and inflation. Analysts at UBS warned that these tariffs could lead to a notable downturn in economic growth and inflation levels. Despite Trump's reassurance of a positive impact on the markets and economy, investors remain apprehensive about the potential outcomes.