Asian stock markets fell sharply on Monday, following a major sell-off on Wall Street triggered by renewed trade tensions between the United States and China. President Donald Trump threatened higher tariffs in response to Beijing's restrictions on rare earth exports, escalating concerns about a prolonged trade conflict. Most major Asian markets, including Hong Kong, Shanghai, and Seoul, posted significant losses, while U.S. futures showed some signs of recovery. The turbulence also affected oil prices, which dropped after a ceasefire in Gaza, and bond yields, which declined amid weak consumer sentiment in the United States. Despite the downturn, the main U.S. stock index remains near its record high, though analysts warn that valuations may be stretched.