Global markets plunged on Monday following U.S. President Donald Trump’s announcement last week of reciprocal tariffs on imports, set to take effect on April 9. Asian and European stock indices experienced steep declines, with Japan’s Nikkei 225 falling nearly 9% and Hong Kong’s Hang Seng dropping 9%. U.S. stock futures signaled further losses, with Dow Jones Industrial Average futures down over 900 points. Financial analysts warn of a potential recession as global trade tensions escalate.

South Korea’s KOSPI index fell 4.16% by mid-morning, triggering a sidecar after KOSPI200 futures dropped more than 5%, marking the first halt since Aug. 2024’s “Black Monday.” Foreign investors net sold more than $681.7 million (1 trillion won), while institutions also engaged in heavy selling. Major blue-chip stocks including Hanmi Semiconductor (6.56%) and Samsung Electronics (4.28%) led the declines. The Financial Services Commission prepared a $68.2 billion (100 trillion won) stabilization package, while the Bank of Korea established a 24-hour monitoring system to mitigate risks.