Stocks and the dollar tumbled while gold hit a fresh record high as panic gripped markets again Friday after Donald Trump admitted that his global tariff blitz could see "a transition cost".
The US president's decision to delay crippling duties for 90 days sparked a frenzied scramble for equities that had been beaten down since his "Liberation Day" announcement unleashed a global panic.
However, the realisation that nothing had been resolved, coupled with Trump's decision to double down on his battle with economic superpower China, fuelled another bout of selling.
After blockbuster rallies Thursday in response to the 90-day tariff pause, markets across the region were back deep in negative territory at the end of a highly volatile week.
Tokyo sank more than four percent -- a day after surging more than nine percent -- while Sydney, Seoul, Singapore, Taipei, Wellington, Jakarta and Manila were also in the red.
Ho Chi Minh City stocks rallied, however, after Vietnam said it would hold talks with the US president.
Hong Kong also dropped but Shanghai fluctuated as traders focused on possible Chinese stimulus measures instead of the fact that the country was now facing duties of up to 145 percent.
Beijing also said Friday it would implement a moderately loose monetary policy in a bid to reassure investors.
The losses followed a similar story on Wall Street, where the S&P 500 lost 3.5 percent, the Dow 2.5 percent and the Nasdaq 4.3 percent. That ate into the previous day's gains of 9.5 percent, 7.9 percent and 12.2 percent.
The selling was not limited to equities. The dollar tanked against the yen, euro, pound and Swiss franc -- investors dropping what is usually considered a key safe haven currency as they look to unload US risk assets, including gold standard Treasuries.
The weaker dollar and the rush for safety has also sent gold to a fresh record high above $3,200, while fears of a possible global recession have battered oil prices, which extended losses Friday.