06:45 AM EDT, 04/03/2025 (MT Newswires) -- Asian stock markets fell back on Thursday after the Trump Administration unveiled sharply higher tariffs on goods imported into the US.

Hong Kong, Shanghai, and Tokyo finished in the red, as did most other regional exchanges.

In Japan, the Nikkei 225 finished off 2.8% as traders also weighed a stronger yen that undercut exporters.

The benchmark Nikkei 225 fell 989.94 to 34,735.93, as losing issues outnumbered gainers 193 to 31.

Leading the upside was retailer Ryohin Keikaku, up 4%, while Sumitomo Pharma declined 10.2%.

In economic news, Japan's services purchasing managers index (PMI) fell to 50.0 in March from 53.7 in February, striking exactly at the neutral 50-marker that separates growth from contraction, reported S&P Global.

S&P Global also said that Japan's composite PMI, a combination of the nation's manufacturing and service sectors, fell to 48.9 in March from 52.0 in February.

In Hong Kong, the Hang Seng Index ended off 1.5% after Wednesday's announcement included a 34% reciprocal tariff on China-made products in addition to the 20% import levy that was implemented near the start of the Trump Presidency.

The broad gauge Hang Seng fell 352.72 to 22,849.81 as losing issues outnumbered gainers 62 to 19. The Hang Seng TECH Index lost 2.1% on the day, while the Mainland Properties Index rose 1.4%.

Leading the upside was noodle maker Tingyi, gaining 3.5%, while knitwear maker Shenzhou International declined 14.1%.

On the mainland, the Shanghai Composite fell 0.2% to 3,342.01.

In economic news, the Caixin China services purchasing managers index (PMI) logged at 51.9 in March, up from 51.4 in February, reported S&P Global.

The China composite PMI, a combination of the nation's manufacturing and service sectors, posted at 51.8 in March, up from 51.5 in February.

On the other regional exchanges, the S. Korean KOSPI fell 0.8%; the Taiwan TWSE inclined 0.1%; the Australian ASX 200 declined 0.9%; the Singapore Straits Times Index fell 0.3%, and the Thai Set declined 0.9%. In late trading in Mumbai, the Sensex was down 0.4%.