Trade war sinks Asia stocks; Hong Kong sees biggest drop since 1997

Sell-off spreads; Japan's Nikkei futures and Taiwan's TAIEX fall 9% at one point

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A man walks past a stock quotation board displaying the Nikkei share average outside a brokerage in Tokyo on April 7. (Photo by Yuji Murakami)

LISA KIM and JADA NAGUMO

TOKYO -- Asia-Pacific stocks fell sharply on Monday, led by massive losses in Hong Kong, amid a global market rout caused by an intensifying trade war initiated by the U.S., reminding some traders of a similar slide at the outset of the COVID-19 pandemic.

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