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Fears over the interest rate rise in the United States has now been overtaken by trade concerns.
Local shares in Singapore were not spared the sharp sell-off that shook global equities after US President Donald Trump vowed to slap tariffs on steel and aluminium imports this week.
The move sparked concerns over a potential trade war while fears of prices ratcheting up sparked heightened worries over inflation.
The key Straits Times Index shed 34.65 points or nearly 1 per cent to finish at 3,479.2 on Friday - its fourth straight day of losses.
Japan's Nikkei 225 fell 2.5 per cent, China's Shanghai Composite fell 0.6 per cent and the Hang Seng in Hong Kong slid 1.5 per cent. Key indices in Taiwan, South Korea, Australia and Malaysia were also awash in red.
Fears of faster interest rate rises in the United States had been uppermost in investors' minds but now trade concerns have stolen the fear limelight. Already trading partners like the EU and Canada have vowed to respond with firm action that could eventually disrupt trade flows. – The Straits Times