Trump's announcement has driven Asian markets down.
In Japan, it prompted a broad selloff from investors concerned about the impacts of the incoming 24 percent tariff.



Tokyo's benchmark Nikkei 225 briefly plunged by over 1,600 points, or more than 4 percent, on Thursday. It was the biggest intraday drop so far this year.



The index closed the day at 34,735, down 2.8 percent.
Auto-related shares were hit especially hard. The benchmark finished below the 35,000 mark for the first time in about eight months.



The yen also briefly strengthened to the upper 146 level against the dollar on Tokyo's foreign-exchange market.
Investors fear the tariffs could stunt the US economy.
That's caused US long-term interest rates to drop, making dollar assets less attractive.



Market sources say there is a widespread view that the American levies are higher than expected.



They say investors are wary of the incoming effects of the global trade war, as countries begin to retaliate against the US.