Asian markets plummet as Trump doubles tariffs on steel and aluminum, OPEC+ boosts oil output.

Asian markets fell and oil prices rose amid rising geopolitical tensions, including the Russia-Ukraine conflict and trade disputes between the US and China. President Trump announced plans to double tariffs on steel and aluminum to 50%, causing the Hang Seng index to drop over 2% and US stock futures to decline. OPEC+ agreed to a modest increase in oil output, pushing oil prices higher. The US dollar declined due to fiscal concerns and Trump's tariff threats. Investors remain cautious ahead of key US jobs data and potential interest rate cuts.