China, Japan and South Korea agreed to jointly respond to U.S. tariffs, a social media account affiliated with Chinese state media said on Monday, an assertion Seoul called "somewhat exaggerated", while Tokyo said there was no such discussion.

China is seeking to coordinate its response to U.S. tariffs with Japan and South Korea, Chinese state media said.

President Trump's reciprocal tariffs on Japan (24%) and South Korea (25%) were largely in line with market expectations.

President Trump held up a chart in the Rose Garden outlining some of the larger tariff rates he will charge some nations. China will be charged a 34% tariff, the chart said, the European Union will get a 20% levy,

Alongside Wall Street, global stock markets took a beating after Trump unveiled a 10% baseline tax on all imports, as well as higher tariff rates for some major trade partners.

Japan has refrained from talk of striking back at U.S. tariffs. Trade experts say that is because its inflation-strained economy limits its options.

Japan's 10-year government bond yield fell sharply on safe-haven bets amid worries that U.S. President Donald Trump's bigger-than-expected wall of tariffs would dampen the global economy. The 10-year JGB yield fell 13 basis points (bps) to 1.

Japan’s stocks plunged after President Donald Trump slapped a 24% tariff on the nation as part of tariffs levied on trading partners worldwide. A stronger yen also weighed on exporter shares.

China vowed countermeasures and the E.U. promised a unified response, while Britain and Japan refrained from immediate retaliation.

World leaders were still processing Trump’s complex new tariff regime Thursday and few were prepared to unveil specific trade retaliation. But a number of them promised it was coming, raising the specter of an escalating tit-for-tat trade war that could devastate the global economy.

President Donald Trump’s speech announcing a huge increase in tariffs on American trading partners was riddled with falsehoods and misleading statements on trade that he has made for years. But now they are determining policy that will increase the costs of goods for many Americans.