Asia-Pacific markets traded mostly higher on Tuesday, after United States President Donald Trump unveiled steep tariffs on 14 nations, including key regional exporters Japan and South Korea.
In a series of letters posted on Truth Social, Trump outlined new import duties that are set to take effect from 1 August.
Exports to the U.S. from Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will face 25% tariffs. Imports from Laos and Myanmar will be subject to an even steeper 40% duty.
Other countries in the region are also set to be affected. Indonesia faces a 32% excise duty, Bangladesh 35%, while Cambodia and Thailand will be hit with 36% tariff rates, according to the posted letters.
By 11:15 am AEST (1:15 am GMT), Australia’s S&P/ASX 200 was flat at 8,591.8, recovering from earlier losses. Japan’s Nikkei 225 rose 0.4%, and South Korea’s Kospi 200 gained a more robust 1.5%.
Among the data released, National Australia Bank's Monthly Business Survey showed business confidence rose 3 points to +5 in June, beating expectations, while business conditions jumped 8 points to 9, boosted by strong gains in trading conditions and profitability.
In the United States overnight, the major averages retreated as investors digested tariff developments.
The Dow Jones Industrial Average and the Nasdaq Composite fell 0.9% apiece, while the S&P 500 declined 0.8%.
Among commodities, Brent crude rose 1.9% to settle at US$69.58 per barrel, while spot gold was little changed, trading at US$3,336.44 per ounce.
In China, the equity markets were mixed. The Shanghai Composite inched up 0.02% to a seven-month high of 3,473.1, whilst the CSI 300 dipped 0.4% to 3,965.2.
Hong Kong’s Hang Seng Index slipped 0.1% to 23,887.8. India’s BSE Sensex was steady at 83,442.5.
European markets also finished mixed. The FTSE 100 eased 0.2% to 8,806.5, while Germany’s DAX advanced 1.2% to 24,073.7 and France’s CAC 40 gained 0.4% to 7,723.5.
