Asian markets began the week of April 7 with steep drops across major indices, including Hong Kong’s Hang Seng Index, which plunged more than 13% in the first few hours of trading. Tech stocks Alibaba and Baidu led the decline, falling 17% and 14%, respectively, at the time of this report (1:30 a.m. EST).

The Hang Seng Index’s drop, described as its worst 24-hour decline since 2008, pushed the index more than 20% below its March peak. A Reuters report said the rout, which it described as the largest one-day decline since 1997, prompted China’s sovereign wealth fund to intervene. In mainland China, facing U.S. tariffs of over 50%, the key blue-chip index ended 7% lower.

The plunge of Chinese markets followed Beijing’s decision to impose a 34% tariff on U.S. goods, a move that confirmed the start of a trade war between the world’s two largest economies. Many economists and observers fear the escalating trade war will worsen conditions for both countries. The trade war has also led some investment banks to increase the odds of a U.S. economic recession.

Despite growing calls for de-escalation, top U.S. officials, including President Donald Trump, have refused to back down. Speaking to reporters on April 7, Trump insisted that imposing reciprocal tariffs was the right response to unfair trade practices by other countries.

In Japan, the Nikkei index was down 8%, and the TOPIX Banks Index’s fall of more than 12% reportedly triggered circuit breakers on TOPIX futures. In Europe, the United Kingdom’s FTSE 100 index opened nearly 6% lower, and Germany’s DAX plunged almost 10% at the start of trading.

The turmoil also affected other asset classes, including bitcoin, which briefly fell below $75,000, its lowest since Nov. 8. Although the cryptocurrency rebounded to just over $77,000 at the time of this report, it remained only a few thousand dollars above its pre-U.S. election level of just under $70,000.

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