The Latest: Trump's Tariffs Slam World Markets In The Biggest Blow Since The Pandemic Hit In 2020

Asian shares slid further Friday after U.S. President Donald Trump's tariffs sent shudders through financial markets at a level of shock unseen since the COVID-19 pummeled world markets in 2020.

Trump announced a minimum tariff of 10 on global imports, with the tax rate running much higher on products from certain countries like China and those from the European Union. Smaller, poorer countries in Asia were slapped with tariffs as high as 49.

Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen . Even gold, a traditional safe haven that recently hit record highs , pulled lower after Trump announced his "Liberation Day" set of tariffs,' which economists say carries the risk of a potentially toxic mix of weakening economic growth and higher inflation.

Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday's sell-off.

Chinese industry groups complained the tariffs destroyed the normal order of trade and called on the international community to resist what they described as "trade bullying," while hard-hit Vietnam said the measures failed to reflect the spirit of the comprehensive strategic partnership that the two countries signed in 2023.