Japan’s benchmark Topix dropped 3.2 per cent and the exporter-oriented Nikkei 225 slid 3.9 per cent. In South Korea the Kospi fell 2.2 per cent. Hong Kong’s Hang Seng dipped 0.4 per cent. Gold hit a record $3,098 per troy ounce while US Treasury yields declined, in a sign that investors were piling into safe assets.

"Within the Asia-Pacific region, the car levies will hit Japan and South Korea the hardest. About 6 per cent of Japan's total exports are cars shipped to the US. In South Korea's case, it's 4 per cent," Moody's Analytics economists wrote.

Shares sagged Thursday in Asia, apart from China, after President Donald Trump announced he will slap 25% tariffs on imported cars. Trump said he was raising duties on auto imports to

U.S. President Donald Trump said on Sunday that reciprocal tariffs he is set to announce this week will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances.

As we've been reporting, new comments from Donald Trump that he could broaden tariffs this week have rattled global stock markets today. The US president suggested that new tariffs he is set to announce this week will hit all countries,

The comments come as he prepares to unveil a massive slate of import taxes on Wednesday, in what he has called America's "Liberation Day". The measures will come on top of tariffs already imposed by Washington on aluminium,