The global stock market crash showed no sign of slowing today. Hong Kong’s Hang Seng Index returned from a holiday break and promptly plunged over -10% to catch up with last week’s global carnage. Meanwhile, Japan’s Nikkei suffered another dramatic drop of more than -2200 points, or -6.6%. Risk aversion remains the dominant theme as markets digest the full implications of the rapidly escalating trade war. Despite the equity bloodbath, currency markets were relatively calm. Most major pairs and crosses pulled back inside Friday’s ranges after brief spikes. Fueling the unease, US President Donald Trump showed no sign of backing away from his aggressive tariff agenda. Over the weekend, he defended the tariffs, likening them to “medicine to fix something” and insisted that countries wishing to avoid the duties must pay the US “a lot of money on a yearly basis.” Treasury Secretary Scott Bessent added that more than 50 countries have opened negotiations with Washington since last week’s announcement, suggesting Trump’s strategy is drawing some to the table. Indeed, some notable trade partners are quickly moving to avoid being caught in the crosshairs. Taiwan’s President Lai Ching-te offered to remove trade barriers and match US tariffs with zero duties, while also pledging increased Taiwanese investment in America. That follows Vietnam’s similar proposal last week, raising the possibility that some nations could strike bilateral deals that eliminate tariffs entirely. The next few days will be critical. Traders are watching closely to see if any of these bilateral talks bear fruit — specifically, whether they lead to a genuine dismantling of trade barriers. On the other hand, if the US uses these negotiations to extract unrelated concessions, trust may erode further, heightening fears of a full-blown trade conflict. The path taken by Taiwan and Vietnam could become a model or a dead-end, depending on how Washington responds. The situation remains extremely fluid as US customs began collecting the baseline 10% tariffs over the weekend, with higher country-specific rates kicking in Wednesday...... | 