Stock price board at Hana Bank, Seoul, South Korea. (Photo: Yonhap/VNA)

China’s Shanghai Composite Index dropped 4%, while Hong Kong (China)’s Hang Seng Index tumbled nearly 10%.

In Japan, the Nikkei opened 8.42% lower following a 2.75% decline last Friday. The index has now lost nearly 3,000 points since China announced a 34% retaliatory tariff on US goods on April 4, intensifying fears of a global trade war triggered by Washington’s aggressive tariff stance. Japan’s Topix index also slid 8.68%.

In South Korea, the Kospi Index fell more than 4.8% compared to last Friday’s close.

Australia’s S&P/ASX 200 Index dropped 6% at the open and has now officially entered correction territory, down 11% from its February peak.