India, April 7 -- If last week suggested that the global economic order had been irreversibly changed, then Monday morning showed the magnitude of the disruption. Asian markets were roiled by the Trump tariffs on Monday . In Japan, the Nikkei closed 7.83% down; in Hong Kong, the Hang Seng did worse, closing 13.22% down; and in India, the Sensex, closed 2.95% down. The Sensex has now lost 6.84% since January 1, and is 14.93% down from the peak of 85,978.25it touched on September 27, 2024.

Southeast Asian countries such as Vietnam, Thailand and Malaysia have become export powerhouses, and it is only natural that the US' move to levy additional tariffs on imports roils their markets. India isn't yet an exports powerhouse, but the additional...