Tariffs fear rocks local markets, won-dollar exchange rate surpassing 1,487 won at one point

Local financial markets were quick to respond to the start of U.S. tariffs.

The benchmark KOSPI closed at 2-thousand-2-hundred-93-point-7 on this Wednesday down 1-point-7 percent from its previous session.

This is the first time in 17 months that the KOSPI has dropped below the 2-thousand-300 level.

Also on this Wednesday the Korean currency weakened further against the U.S. dollar trading at 1-thousand-4-hundred-84-point-1 won per greenback the highest close since the global financial crisis in March 2009.

At one point during trade today the foreign exchange rate touched 1-thousand-4-hundred-87 won against the U.S. dollar.