Asian stocks tumbled and U.S. futures dropped after President Donald Trump announced a new round of tariff hikes on Chinese imports. The yen extended gains after the biggest jump in more than two years.
Japanese benchmarks fell about 2.5%. South Korean shares hit their lows of the day after Japan took its own trade-restriction move, directed at Korea. Chinese and Hong Kong stocks also slumped, though Australian equities saw a more modest retreat. Ten-year U.S. yields fell further after diving on Thursday, when the S&P 500 Index posted its biggest two-day drop since May. China’s onshore yuan hit the weakest since November.