U.S. tariff policy shock Asia-Pacific stock markets

U.S. President Donald Trump's sweeping tariff policy sent shockwaves through Asia-Pacific stock markets on Thursday, with most markets down as investors brace for a full-blown trade war.

Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.

The sweeping move triggered concerns among investors worldwide, leading to sharp declines in global stock markets.

The Nikkei 225 stock index closed down 989.94 points, or 2.77 percent on Thursday.

Japan's Chief Cabinet Secretary Yoshimasa Hayashi on Thursday expressed "serious concern" about the U.S. decision to impose reciprocal tariffs, questioning its compliance with World Trade Organization rules and a bilateral trade agreement.

At a press conference, he said that Japan has strongly urged the U.S. to retract its decision to slap a 24 percent levy on Japanese products as part of the reciprocal tariffs.

The U.S. administration's tariff plan could have a "big negative impact" on the global economy and the multilateral trade system, Hayashi said.

The Korea Composite Stock Price Index closed at 2,486.70 points, down 19.16 points, or 0.76 percent.

South Korean Prime Minister Han Duck-soo, who is serving as acting president, said Thursday that the government will use all available measures to tackle the new U.S. tariffs.

In light of the 25-percent tariff South Korea is facing, the acting president has directed the industry minister to thoroughly assess the details and impact of the U.S. tariff imposition and to engage in negotiations with the U.S. to minimize the damage.

Han ordered that supporting measures for industries and companies affected by the U.S. tariffs, such as the automotive sector, should be supported as much as possible at the pan-governmental level.

Australia's S and P/ASX 200 index closed down 0.94 percent at 7,859.70 points.

Responding to the new tariffs earlier on Thursday, Australian Prime Minister Anthony Albanese said in Melbourne that they were "unwarranted" and had "no basis in logic."

He announced that the government would provide 1 billion Australian dollars (about 629.4 million U.S. dollars) in zero-interest loans to help businesses impacted by the tariffs capitalize on new export opportunities, strengthen anti-dumping laws to protect local aluminum and steel manufacturers and establish a strategic reserve of minerals.

U.S. tariff policy shock Asia-Pacific stock markets

U.S. tariff policy shock Asia-Pacific stock markets

A high-level mediation team from the African Union (AU) Commission has been dispatched to Juba, capital of South Sudan, to try to ease the rising tensions between President Salva Kiir and First Vice President Riek Machar, and help resolve the current political crisis in the country.

Riek Machar and several senior officials have been detained since clashes erupted in January between the South Sudan People's Defense Forces and the opposition fighters.

Machar was accused of instigating violence in Nasir in the northern part of the country.

The mediation team says it plans to engage Machar, but that meeting is yet to take place.

The AU is urging South Sudanese political leaders to resolve the current disagreement through dialogue.

Machar heads the largest opposition group that has an armed wing in the country, known as SPLM/A-IO.

South Sudan's government says it's still investigating Machar for being allegedly involved in clashes between government troops and armed civilians affiliated to SPLM/A-IO in Nasir.

"The mandate of the RTGoNU (the Revitalized Transitional Government of National Unity) is simple; that we stop war, we form a revitalized government of national unity so that we return security, sustainable peace in the country," said Martin Elia Lomuro, South Sudan's Minister of Cabinet Affairs.

Meanwhile, Machar's party members are calling on president Kiir to order the release of their leader.

The group argues that the arrest of Machar means the 2018 peace deal which ended five years of violence in the country has partially collapsed.

The government reaffirms its commitment to the implementation of the 2018 peace deal.

It says Mr. Machar is in conflict with the law and that the implementation of the peace deal should not be used as cover to commit crime. However, until now, South Sudanese law enforcement agencies have not charged Machar with any offense in a court of law.

South Sudan, which became independent in 2011, signed a peace deal in 2018 that ended a civil war between forces loyal to Kiir and Machar. Nearly 400,000 people died in the civil war.

Relations between Kiir and Machar, who have dominated South Sudan's politics for decades, remain strained. The clashes and latest political tensions between the two leaders have unsettled many citizens and the international community.

AU dispatches Panel of Wise to address ongoing instability in South Sudan