MK sports Korea Japan on April 9, 2025. Photo: VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2025/2025-04-09/35989fbd-7c1a-4130-ab33-44304083788f.jpeg" />

A screen displays declining share prices outside a securities firm in Tokyo, Japan on April 9, 2025. Photo: VCG

Asia Pacific stock markets mostly dropped on Wednesday morning, tracking major losses on Wall Street overnight, as the US' country-specific tariffs are set to come into effect on Wednesday and the White House announced additional tariffs on China. 

Australia's S&P/ASX 200 fell 1.06 percent on Wednesday morning. Japan's Nikkei 225 lost 3.14 percent at the open, while the Topix traded 3.26 percent lower. South Korea's Kospi edged down 0.18 percent while the small-cap Kosdaq lost 0.44 percent, according to CNBC. 

Meanwhile, Hong Kong's Hang Seng index dropped 2.27 percent to 19,670.24 by around 10 am on Wednesday. 

On the Chinese mainland, major indexes saw mixed performances on Wednesday morning. The Shanghai Composite Index slid 0.68 percent to 3,124.19 points, while the Shenzhen Component Index dropped 0.16 percent to 9,409.48 points by around 10 am Wednesday. The ChiNext Index climbed up 0.67 percent to 1,852.60 points.

The decline in most Asia Pacific stock indexes came after US stocks saw losses following a remarkably volatile session. 

The S&P 500 tumbled on Tuesday, closing below 5,000 points for the first time in almost a year after it reversed a strong morning rally, while investor hopes faded for any imminent US delays or concessions on tariffs ahead of a midnight deadline, Reuters reported.

The S&P 500 has lost $5.83 trillion in market value, for its steepest four days of losses since the index was created in the 1950s, after the US' announcement of sweeping tariffs against US trading partners on April 2, according to the report.

Apple shares fell 4.98 percent on Tuesday, US electric carmaker Tesla dropped 4.9 percent, leading the losses, per the Reuters report. 

US Customs and Border Protection (CBP) said in a statement on Tuesday that it is prepared to begin enforcing the US' "reciprocal tariffs" on dozens of countries' imports once the new duties kick in after midnight Wednesday, CNBC reported.

CBP will be collecting "an individualized reciprocal higher tariff from 11 percent to 50 percent for 86 countries with exclusions on April 9, 2025, at 12:01 am EDT," the agency said.

Despite growing consternation and concern expressed by economists and CEOs, US officials have been stubborn in defending its trade policies. However, not all voices in the business community are supportive. Elon Musk, Tesla CEO, without directly addressing the White House's trade policies specifically, described Navarro - the administration's top trade advisor - as a "moron" and "dangerously dumb," CNBC reported.

"The US' tariff threat on its trade partners continues to escalate. The more extreme the tariffs, the greater the risk to the US economy," Huo Jianguo, a vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Wednesday, adding that the US' tariffs will lead to higher prices, adding to inflationary pressure and potentially slowing US economic growth.

In addition to earlier tariffs, the US has threatened to slap an additional 50 percent tariff on Chinese products, with the total rate shooting up to 104 percent on Wednesday, a White House official confirmed, according to CNBC.

Chinese officials have harshly criticized the US' threat of additional tariff and vowed to take resolute and strong countermeasures.

"We will not let anyone take away the Chinese people's legitimate right to development. We will not tolerate any attempt to harm China's sovereignty, security and development interests. We will continue to take resolute and strong measures to safeguard our legitimate rights and interests," Chinese Foreign Ministry Spokesperson Lin Jian said on Tuesday.

Also on Tuesday, in response to the US' threat of an additional 50 percent tariff, a spokesperson for the Chinese Ministry of Commerce also said that "China firmly opposes this. If the US escalates tariffs, China will resolutely take countermeasures to safeguard its own rights and interests."