SINGAPORE, April 3 (Reuters) - Stocks dived, bonds

surged, the dollar rose and Asia's markets were set to slide on

Thursday as U.S. President Donald Trump announced a

bigger-than-expected wall of tariffs around the world's largest

economy, upending trade and supply chains.

Nasdaq futures tumbled 4%, with tech on the front

line because China - hit with a 34% levy on top of a previous

20% tariff - is such a significant manufacturing hub. Apple ( AAPL )

shares were down nearly 7% in after-hours trade.

S&P 500 futures fell 3.3% and Nikkei futures

dropped more than 4%. Australian shares fell 2%.

The U.S. dollar was higher in rollercoaster currency trade,

except against the safe-haven yen which surged to 148.15 per

dollar.

Gold was within a whisker of new record highs and

U.S. Treasury futures leapt on fears of a U.S. economic

slowdown. Oil, which trades as a proxy for global growth, fell

more than 2% to leave U.S. crude futures at $69.73 a barrel.

Trump announced a baseline 10% tariff on imports with far

higher levies on some trading partners, particularly in Asia.

Besides China's 34% tax, Japan got a 24% tariff, Vietnam 46%

and South Korea 25%. The European Union was hit with a 20% levy.

Van Eck's Vietnam ETF fell more than 8% in

after-hours trade.

Trump also shut a loophole used to ship low-value packages

from China, which is likely to hurt China's giant online

retailers.

Trading partners are expected to respond with

countermeasures of their own that could lead to dramatically

higher prices.

"We would characterise this slate of tariffs as 'worse than

the worst case scenario' the Street was fearing," said analysts

at Wedbush, with the technology supply chain in Taiwan and China

hit hard.

U.S. interest rate futures leapt as investors priced in

slowing U.S. growth and a higher chance of rate cuts.

"The tariff rates unveiled this morning far exceed baseline

expectations, and if they aren't negotiated down promptly,

expectations for a recession in the U.S. will rise

dramatically," said IG market analyst Tony Sycamore.