Asian stocks declined further on Friday following the announcement of tariffs by U.S. President Donald Trump, reminiscent of the financial shock experienced during the COVID-19 outbreak last year. The tariffs, ranging from 10% on global imports to as high as 49% on some countries, have impacted various sectors including crude oil, technology stocks, and currency markets. The announcement has raised concerns about potential negative effects on economic growth and inflation. While markets in Shanghai, Taiwan, Hong Kong, and Indonesia were closed for holidays, Tokyo’s Nikkei 225 and South Korea’s Kospi faced notable losses.

Amid the escalating trade tensions, Chinese industry groups expressed strong opposition to the tariffs, accusing the U.S. of disrupting normal trade practices. The U.S. dollar's value dipped against other major currencies, with the yen strengthening as a safe-haven asset. This move is part of Trump's strategy to boost U.S. export competitiveness by weakening the dollar. The euro also witnessed an increase in value against the dollar.