Asian and global markets suffered declines as the U.S.-China trade war intensified. Japan's Nikkei 225 index dropped 5.6% before recovering slightly to close 3% lower at 33,585.58. South Korea's Kospi fell 1.6%, and Australia's S&P/ASX 200 shed 2.1%. Taiwan's Taiex gained 2.8% on expectations of increased tech orders due to trade shifts. Hong Kong's Hang Seng rose 1.1%, and the Shanghai Composite index climbed 0.5%. In the U.S., the S&P 500 fell 3.5%, the Dow Jones Industrial Average dropped 2.5%, and the Nasdaq composite declined 4.3%. The U.S. dollar weakened against major currencies, with the yen and euro gaining value. The 10-year Treasury yield fluctuated, reaching 4.40% amid heavy bond market selling. Brent crude oil prices rose to $64.73 per barrel, while gold prices also increased as investors sought safer assets. China announced countermeasures, raising tariffs on U.S. goods to 125%, in response to the U.S. imposing a 145% tariff on Chinese imports. The escalating trade tensions have sparked fears of a global recession and market instability. The trade war has also affected specific industries, with China's reduction in U.S. film imports leading to significant stock declines for Warner Bros. Discovery and Disney. Analysts warn that the uncertainty surrounding the trade conflict could further erode consumer confidence and economic stability.