Asian stocks closed lower on Friday, with steel producers and automaker names recording steep drops. The fall in regional markets tracked sharp losses on Wall Street following a tariff announcement from U.S. President Donald Trump.
Trump said on Thursday that the U.S. will impose tariffs of 25 percent for steel and 10 percent for aluminum. The tariffs will be implemented broadly, without targeting specific countries.
Markets stateside fell on the news as investors worried about retaliatory actions from U.S. trade partners that could potentially result in a trade war. In addition, tariffs are also seen as inflationary as they could mean higher prices for consumers.