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Asian markets suffered significant losses on Wednesday, extending global market turmoil sparked by President Trump's new tariffs. Taiwan's market fell over 6%, Japan's 4%, while South Korea and Hong Kong saw declines between 1.5% and 2%. The S&P 500 neared a bear market on Tuesday, dropping nearly 19% from its February peak, fueled by investor anxieties over the increased import taxes.

Prepared by Christopher Adams and reviewed by editorial team.