As Trump's tariff fallout grows, what’s behind the sharp sell-off in Asia markets? | DW News (youtube.com)
HangSeng down 13%, German market down 10% for a while (but rose a bit).
Asia will see a flood of Chinese goods (which aren't bound for the US anymore). So will Europe, so Europe might put tariffs on Chinese goods to try to keep them from coming to Europe and undercutting European goods.
Singapore's highest profit margins are selling to the US. If Singapore cuts off trade to the US, it will loses global market share to China.
China imports a lot of goods, especially agricultural, from the US. Soy beans, pork. Those US farmers are concerned, and about losing market share longterm, like to Brazil.