South Korea’s stock market opened much lower on Thursday after U.S. President Donald Trump announced higher-than-expected tariffs targeting South Korean imports. 

South Korea’s main bourse, the Korea Composite Stock Price Index(KOSPI), began Thursday’s session with a drop of 68-point-43 points, or two-point-73 percent, falling to two-thousand-437-point-43. 

As of 11:02 a.m. Thursday, the KOSPI was trading at two-thousand-476-point-18, down 29-point-68 points, or one-point-18 percent, from the previous session’s close, paring some of its earlier losses. 

Experts say Trump’s tariffs have fueled risk aversion and weakened investor sentiment and that the nation’s stock market now faces greater short-term correction risks.

Meanwhile, the move also weighed on the local currency as the South Korean won depreciated against the greenback. 

The exchange rate opened at one-thousand-47 won per U.S. dollar, up four-point-four won from the previous day’s close.