India, April 3 -- Asian stocks tumbled on Thursday after U.S. President Donald Trump announced a 10 percent universal tariff on most imported goods along with additional high tariffs on countries the U.S. considers the "worst offenders" based on trade deficits and non-tariff barriers.
The move marks one of the boldest protectionist pushes in recent history and sparked concerns over inflation and growth.
The new reciprocal rate on China will be added to existing tariffs totaling 20 percent, meaning the true tariff rate on Beijing is 54 percent. Goods from India, South Korea and Australia face tariffs of 26 percent, 25 percent and 10 percent, respectively.
U.S. Treasury Secretary Scott Bessent urged trading partners against taking retaliat...