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The U.S. dollar shot up Friday morning as stocks in Asia, Europe, and the U.S. moved sharply after President Donald Trump unveiled new tariff rates just hours before the August 1 deadline. The updated measures, ranging from 10% to 41%, were made official late Thursday, and include an additional 40% penalty for any goods rerouted through third countries to sidestep existing duties. Coincidentally, the announcement hit just as global markets were already rattled by weak tech earnings and an upcoming jobs report. Futures tied to the S&P 500 fell 0.16%, while Nasdaq 100 futures dropped 0.23%, and Dow Jones futures slid 67 points, or 0.15%. Amazon took the biggest hit after hours, plunging over 6% when it gave a gloomy operating income forecast. Apple, on the other hand, saw shares rise 2% after its earnings and revenue came in above expectations. Trump’s tariffs hit Asia first The damage showed up immediately in Asia. On Friday, indexes across the region dropped fast after the new rates went public. Japan’s Nikkei 225 ended the session down 243.99 points, or 0.59%, closing at 40,825.83. South Korea’s KOSPI Index led the regional losses, falling 117.23 points, or 3.61%. In Hong Kong, the Hang Seng Index dropped 150.71 points, or 0.61%, while the Hang Seng Tech Index lost 0.23% in turbulent trading. Australia’s ASX 200 fell 77.40 points, or 0.89%, finishing at 8,665.40. In China, the Shanghai Composite Index dipped 0.46%, and India’s Nifty 50 slid 72.60 points, or 0.29%, settling at 24,695.75. As of 9:30 a.m. IST, the BSE Sensex had dropped 0.34%. Among tech names, the losses were worse. In Tokyo, Tokyo Electron plunged 17% as of 11 a.m. Singapore time. Other Japanese tech names followed: Lasertec dropped 4.67%, Advantest Corp fell 2.51%, and SoftBank Group declined 2.07%. The only stock moving up…

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Filed under: News - @ August 1, 2025 6:28 am