Stock markets across Asia were hit hard today as markets struggled to digest the shock of last week's earthquake-like tariffs. Taimur Baig, chief economist at DBS, said "risk aversion and market selling do not appear to be over" as fears remain about more measures. The US could raise secondary tariffs and regions and countries such as the European Union could target US services exports. The Fed would then be under pressure to cut interest rates even though inflation remains well above target and global financial stability could be threatened, he wrote in a note. DBS sees a 45 per cent chance of below-trend growth and above-trend inflation. It sees a 35 per cent chance of a US recession, which would weigh on the outlook for Asia's export-dependent economies.