Asian markets saw a decline on Wednesday following the implementation of new U.S. tariffs, notably a significant 104% tax on Chinese imports. Japan’s Nikkei 225 index recorded a drop of over 5%, with other regional markets also experiencing declines.

The S&P 500 and Dow Jones Industrial Average both decreased on Tuesday, erasing earlier gains, with uncertainty prevailing over President Donald Trump's trade strategies. The markets had rallied momentarily before the higher tariffs came into effect.

The Nikkei 225 fell by 4.7% during Tokyo's mid-afternoon trade, with the Hang Seng in Hong Kong dropping by 1.8% and the Shanghai Composite edging lower. South Korea’s Kospi and Australia’s S&P/ASX 200 also experienced declines. There is concern among garment manufacturers in Bangladesh about potential market share loss in the United States due to new tariffs.