Asian shares slid further Friday after U.S. President Donald Trump’s tariffs sent shudders through financial markets at a level of shock unseen since the COVID-19 pummeled world markets in 2020.

Trump announced a minimum tariff of 10% on global imports, with the tax rate running much higher on products from certain countries like China and those from the European Union. Smaller, poorer countries in Asia were slapped with tariffs as high as 49%.

Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen. Even gold, a traditional safe haven that recently hit record highs, pulled lower after Trump announced his “Liberation Day” set of tariffs,’ which economists say carries the risk of a potentially toxic mix of weakening economic growth and higher inflation.

Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday’s sell-off.

Chinese industry groups complained the tariffs destroyed the normal order of trade and called on the international community to resist what they described as “trade bullying," while hard-hit Vietnam said the measures failed to reflect the spirit of the comprehensive strategic partnership that the two countries signed in 2023.

Here's the latest:

Asian shares slide further, US dollar takes a hit

Asian shares slid further Friday after U.S. President Donald Trump’s tariffs even as markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday’s sell-off.

Tokyo’s Nikkei 225 lost 4.3% to 33,263.58, while South Korea’s Kospi sank 1.8% to 2,441.86. The two U.S. allies said they were focused on negotiating lower tariffs with Trump’s administration. Australia’s S&P/ASX 200 dropped 2.2% to 7,684.30.

In other trading early Friday, the U.S. dollar fell to 145.39 Japanese yen from 146.06. The yen is often used as a refuge in uncertain times, while Trump’s policies are meant in part to weaken the dollar to make goods made in the U.S. more price competitive overseas. The euro gained to $1.1095 from $1.1055.

Chinese industry groups say new tariffs destroyed normal order of trade with US

Chinese industry groups on Friday sharply criticized the U.S. tariffs as well as the closing of the de minimis loophole which had allowed low value goods to be imported tax-free.

“America’s action crudely destroyed the normal order of trade between the U.S. and China, severely impacted cooperation between global industries, and greatly harmed the rights of consumers, including American citizens,” said a statement from the China Light Industry Association, which represents the interests of light manufacturing businesses.

The tax exemption, which applies to packages valued at $800 or less, has helped China-founded e-commerce companies like Shein and Temu to thrive while cutting into the U.S. retail market.

“We call on the international community to jointly resist this trade bullying, and firmly safeguard an equal and mutually beneficial international trade system.”

The China National Textile and Apparel Council chimed in as well, with a statement Friday saying they “supported the Chinese government’s forceful measures” as the U.S. has “Damaged the resilience of the global textile industry’s supply chain."

Vietnam says tariffs fail to reflect the spirit of the comprehensive strategic partnership

Vietnam said it regretted the U.S. decision to impose reciprocal tariff of 46% on its exports to America,

“We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries,” Pham Thu Hang, the spokesperson for Vietnam’s foreign ministry said Friday in a statement reported by state media.

She said Vietnam had actively engaged with the U.S. to address concerns, promote ties on trade and work towards fair, mutually beneficial trade. She added that it failed to reflect the spirit of the comprehensive strategic partnership that the two countries had signed in 2023.

Former President Joe Biden visited Hanoi when the southeast Asian nation elevated the U.S. to its highest diplomatic status, comprehensive strategic partner. At the time, Biden stressed this showed how far the relationship has evolved from what he described as the “bitter past” of the Vietnam War.

“If enforced, would negatively impact bilateral economic and trade relations as well as the interests of businesses and people in both countries,” said Hang.

The tariffs imposed on Vietnam are among the highest of any country, more than competitors like Thailand and Malaysia. Analysts say that the tariffs will harm Vietnamese export sectors like electronics, textiles, footwear and seafood.

Vietnam will continue discussions with the U.S. to “find practical solutions” for developing sustainable bilateral economic relations that ensure the interest of businesses and people in both countries.

Deputy Prime Minister and former finance minister Ho Duc Phoc is scheduled to visit the U.S. and Cuba from April 6 to 14 to discuss and negotiate on trade matters.

Vietnamese exports to the U.S. in 2024 totally nearly $120 billion, making up nearly a third of the country’s total export turnover.

Taiwan's president will support impacted industries, says tariffs ‘unreasonable’

Taiwan’s President Lai Ching-te said he will offer the “greatest support” to industries impacted by the new tariffs. Lai acknowledged that Taiwan had a trade surplus with the U.S., but that much of it came from Taiwanese industries trying to fulfill the U.S. demand for Taiwan’s information technology products.

“We feel that this is unreasonable and are also worried about the subsequent impact these measures may have on the global economy,” Lai said in a statement on his Facebook page Thursday night.

Lai said he instructed Premier Cho Jung-tai to work closely with industries that are impacted and to communicate with the public about their plans to stabilize the economy.