Stocks in Asia were sharply lower overnight as fears of a trade war continued to reverberate around the globe.

In Tokyo the Japan Nikkei 225 index fell 3.75% to 20,782.78. In Hong Kong, the Hang Seng Index fell 3.49% to 29,986.69. And in South Korea the KOSPI 50 fell 2.46% to 2,129.53.

The Chinese Commerce Ministry announced provisional plans to impose retaliatory tariffs on up to $3 billion in imports from the U.S. The move came in response to President Trump's imposition of tariffs on steel and aluminum imports earlier this month.

On Thursday, Trump doubled down on his threats, announcing plans for additional tariffs up to $60 billion on additional Chinese goods, complaining that Chinese companies routinely steal U.S. companies' intellectual property.

U.S. stocks saw their worst decline in six weeks Thursday, with the S&P 500 off more than 2.5%.

U.S. stock index futures pointed to more declines Friday, with the S&P 500 eMini contract off 0.4%, the eMini Dow off 0.5% and the eMini Nasdaq 100 off 0.9%. S&P futures were down 0.48%.

Gold futures gained 0.72% to 1,342.80 and crude oil futures also rose, adding 1.14% to 65.03.

Employees of TheStreet are restricted from owning individual equities.