April 7, 2025, has cemented itself as a “Black Monday” in the annals of global finance—a day when stock markets, cryptocurrencies, and economies worldwide staggered under a torrent of destabilizing events. Fueled by escalating trade tensions and cascading market reactions, the financial world faced a relentless onslaught. Here’s how the day’s key developments unfolded, revealing a planet-wide economic tremor.
China’s Stock Market Plummets, Worst Since 2008
The crisis ignited in China, where the stock market crashed 10% at the opening bell, marking its steepest single-day decline since the 2008 global financial crisis. Over 2,000 companies hit their daily loss limits, freezing trading as panic gripped investors. Beijing’s sharp rebuke of President Trump’s tariffs—labeled as “bullying” after a 34% levy was piled onto an existing 20% duty—set the stage. With threats of retaliatory measures like reciprocal tariffs or rare earth export curbs, China’s markets buckled under the weight of trade war fears, deflation, and a faltering property sector. The CSI 1000 futures index mirrored the carnage with a 10% drop, signaling a broad-based collapse that reverberated across Asia.
Taiwan’s Market Nosedives, Trading Halted
Taiwan felt the shock next, with its Taiex index plunging 9.8% at the open, only to see trading halted as circuit breakers tripped. Facing a 32% U.S. tariff, the island’s tech-driven market—anchored by semiconductor titan TSMC—crumbled as export prospects darkened. The halt came minutes into the session, a desperate bid to stem losses that threatened global supply chains, given Taiwan’s outsized role in chip production. Official statements promised a “golden age” of U.S.-Taiwan ties, but the market’s freefall suggested investors saw little hope in diplomacy amid the trade storm.
Cryptocurrency Market Loses $1.35 Billion
The turmoil spilled into cryptocurrencies, where $1.35 billion was liquidated in the past 24 hours. Bitcoin dipped below $78,000, Ethereum crashed to $1,590, and altcoins like Solana and XRP hemorrhaged value in double digits. The mass sell-off, with over 320,000 traders wiped out, reflected a broader flight from risk assets as Trump’s tariffs upended market confidence. Ethereum bore the brunt, with nearly $600 million in positions liquidated, per CoinGlass data. The Bitcoin Fear and Greed Index sank to “extreme fear,” amplifying the sense of a digital market implosion tied to the day’s chaos.
Thailand Blocks Short Selling to Stave Off Collapse
In Southeast Asia, Thailand’s Stock Exchange imposed an emergency ban on short selling to halt a spiraling sell-off. Hit with a 36% U.S. tariff, the country’s export-reliant firms saw share prices crater, prompting regulators to curb speculative trades driving the decline. The move echoed desperation across a region pummeled by Trump’s trade policies, with neighbors like Vietnam (46% tariff) and Cambodia (49%) facing similar pressures. Thai officials signaled openness to U.S. talks, but the ban offered scant relief as capital fled Southeast Asia en masse.
Singapore Suffers Historic Crash
Singapore’s stock market added to the carnage, enduring its worst single-day drop in over 16 years. Despite a modest 10% U.S. tariff, the city-state’s status as a trade nexus amplified its vulnerability to the regional meltdown. The Straits Times Index shed billions in value, prompting the Monetary Authority of Singapore to intervene to stabilize the currency. Economists warned of a “massive deflationary shock” as export and manufacturing sectors braced for a downturn, dragging Asia-Pacific peers like Japan’s Nikkei 225 (down 7%) and South Korea’s KOSPI (over 5%) into the abyss.
