Asia-Pacific markets traded mixed on Wednesday as investors responded to renewed trade tensions after United States President Donald Trump reaffirmed that there would be no extension to the upcoming tariffs set to take effect on 1 August.
Trump, in remarks delivered Tuesday U.S. time, also unveiled a 50% tariff on copper imports and signalled that further sector-specific tariffs would be introduced in the near future, keeping trade concerns in focus across global markets.
He also warned of potential tariffs as high as 200% on pharmaceutical imports into the U.S., though noted there would be a grace period of “about a year, year and a half” before implementation.
By 11:05 am AEST (1:05 am GMT), Australia’s S&P/ASX 200 declined 0.6%, while Japan’s Nikkei 225 edged down 0.1%. South Korea’s Kospi 200 posted a slight gain of 0.1%.
On the data front, China’s consumer price index remained steady, falling just 0.1% on a monthly basis and lifting 0.1% year-on-year.
The producer price index shed 3.6% year-on-year, greater than an expected fall of 3.2% and marking the biggest fall since July 2023.
Overnight in the U.S., the Dow Jones Industrial Average fell 0.4%, the S&P 500 slipped 0.1%, and the Nasdaq Composite closed almost unchanged.
Among commodities, Brent crude rose 0.8% to reach a two-week high of US$70.15 per barrel, while spot gold retreated 1% to US$3,301.72 per ounce.
Chinese equities advanced, with the Shanghai Composite rising 1.5% to a fresh eight-month high at 3,497.5. The CSI 300 also gained 0.8% to 3,998.5.
Hong Kong’s Hang Seng Index climbed 1.1% to 24,148.1, while India’s BSE Sensex added 0.3% to 83,712.5.
European markets finished broadly higher. London’s FTSE 100 advanced 0.5% to 8,854.2, Germany’s DAX gained 0.6% to 24,206.9, and France’s CAC 40 rose 0.6% to 7,766.7.
