As the latest round of tariffs get set to begin, Asian equities tanked to near eight-week lows. Investors are hoping that US and China salvage and continue to progress during their latest round of trade talks.

Japan’s NIKKEI225 fell by 0.9 percent to close at a five-week low. Markets are expected to remain cautious today and even European shares are set to begin their trading session on a bearish note in some time.

Yesterday, Trump put the blame squarely on China for the latest deterioration in trade talks. According to him, China “broke the deal” and will now have to pay for it.

The new tariffs on $200 billion worth of Chinese imports at 25%, up from 10%, are expected to come into effect starting Friday midnight. China, on its part, has also stated its plans to retaliate, but no details emerge from the Chinese side yet.