Nikkei index falls over 1% as market reacts to Trump's new tariff plans

Japan's Nikkei share average dropped over 1% on Tuesday, reacting to U.S. President-elect Donald Trump's announcement of new tariffs. Trump plans to impose a 25% tariff on goods from Mexico and Canada and a 10% tariff on Chinese products. At 0108 GMT, the Nikkei index fell 1.5% to 38,209.47, while the broader Topix declined 1.3%. Most companies in the Nikkei 225 were down, with only 41 gaining and 183 losing. IHI Corp saw the largest loss at 5.6%, followed by Fujikura and Kawasaki Heavy Industries, which lost 5.5% and 5%, respectively.