Asian stock markets are falling as the shockwaves of US President Donald Trump's tariffs continue to reverberate around the world, the BBC reports.
Major indexes from Shanghai to Tokyo and Sydney to Hong Kong were down when they opened on Monday.
"It's a bloodbath," one analyst told the BBC.
As a region that produces so many goods that are sold around the world, Asian countries and territories are directly affected by tariffs.
They are also particularly vulnerable to the impact of fears that a global trade war could trigger a slowdown or even recession in the world's largest economy.
By midday, Japan's benchmark Nikkei 225 index had fallen 6%, Australia's ASX 200 was 4% lower and South Korea's Kospi was 4,7% lower, according to the BBC.
The declines in mainland China, Hong Kong and Taiwan were exacerbated as investors caught up with the big falls seen in other markets on Friday as they were closed for public holidays.
The Shanghai Composite fell more than 6%, while the Hang Seng and Taiwan Weighted Index fell by about 10%.
"The tariffs fit with expectations around inflation and recession," said Julia Lee, director of FTSE Russell, a subsidiary of the London Stock Exchange Group.
Goldman Sachs has raised its estimate of a US recession in the next 12 months to 45% - up from a previous estimate of 35% - as the investment banking giant lowered its forecast for the country's economic growth.
Other Wall Street firms also revised their recession forecasts after Trump's tariff announcement.
JPMorgan now sees a 60% chance of a US and global recession.
A significant slowdown in the US economy would have major consequences for Asian exports, as the United States (US) is such an important market for goods from the region.
"Asia is bearing the brunt of the US tariff hike. While there may be room for negotiation, the new regime of higher tariffs is here to stay," said Kian Wang, chief economist for Asia and the Pacific at investment firm Vanguard.
"This is negative for the global and Asian economies, especially those small open economies, both in the short and long term," he said.
Countries from Vietnam to Bangladesh have become highly dependent on the US as an export market.
Trump's announcement last week included a 46 percent tariff on Vietnam and a 37 percent tariff on Bangladesh.
Several major American brands manufacture goods in Vietnam, including Nike and Lululemon.
Bangladesh exports $8,4 billion (£6,5 billion) in garments annually to the US, according to trade body the Bangladesh Garment Manufacturers and Exporters Association.
"Asia is likely to feel a disproportionate burden of this turmoil because Asia sends more exports to the United States than to other markets," said Frank Lavin, former undersecretary for international trade at the U.S. Department of Commerce.
Global stock market turmoil deepened on Friday after China retaliated against tariffs announced by Trump.
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All three major US stock indexes fell more than 5%, with the S&P 500 down nearly 6%, marking the worst week for the US stock market since 2020.
In the UK, the FTSE 100 fell almost 5% - its biggest drop in five years, while stock markets in Germany and France faced similar declines.
Li also noted that the global stock market meltdown looks set to continue: "US futures are trading lower ahead of another tough session on Wall Street tonight."
Global stock markets have lost trillions in value since Trump announced new 10% import taxes on goods from every country, with products from dozens of countries, including key trading partners such as China, the European Union and Vietnam, facing far higher rates.
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