CANBERA (dpa-AFX) - Asian stocks ended mixed on Friday as U.S. President Donald Trump's tariff threats ahead of the July 9 deadline offset robust U.S. jobs data.
Traders also reacted to the passage of Trump's tax-cut and spending bill, which is set to massively widen the U.S.' budget deficit and leave an added 12 million Americans without health insurance.
The 218-214 vote in the House Thursday sends the legislation to Trump, who expects to sign the bill on Friday at a 4 p.m. ceremony at the White House.
The dollar retraced earlier gains after Trump during late Thursday evening said that his administration will start sending letters to countries starting Friday to identify the tariff rates they would face on imports to the United States.
Gold ticked higher after falling 1 percent the previous day on diminished expectations for an imminent Fed interest-rate cut.
Oil prices dipped as investors braced for an increase in production output by OPEC+.
China's Shanghai Composite index closed 0.32 percent higher at 3,472.32 on signs of de-escalating Sino-U.S. trade tensions, with the U.S. lifting chip design software curbs against China and the latter moving to restart rare earths exports to the U.S.
Additionally, the U.S. government has allowed GE Aerospace to resume jet engine shipments to China's state-owned COMAC, Reuters reported.
Hong Kong's Hang Seng index fell 0.64 percent to 23,916.06 as tech and EV stocks continued to tumble on margin squeeze fears.
Japanese markets swung between gains and losses before ending on a flat note ahead of the approaching trade deal deadline. Chip-related stocks rose, with Advantest climbing 1.4 percent.
Seoul stocks tumbled as investors booked profits following recent gains. The Kospi average slumped 1.99 percent to 3,054.28 after U.S. Treasury Secretary Scott Bessent has said the U.S. and India are nearing a deal but talks with Japan and South Korea have been stalled for weeks.
Hyundai Motor, SK Hynix, LG Energy Solution and KB Financial sank 2-4 percent.
Australian markets fluctuated before finishing marginally higher, led by consumer discretionary stocks. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.49 percent to 12,766.60, tracking a strong overnight performance on Wall Street.
U.S. stocks posted strong gains overnight as a robust jobs report along with encouraging jobless claims and service sector activity readings helped ease worries about economic stress but tempered expectations for an imminent interest rate cut by the Federal Reserve.
Data showed non-farm payroll employment shot up by 147,000 jobs in June after an upwardly revised addition of 144,000 jobs in May. The jobless rate edged down to 4.1 percent from 4.2 percent in May.
The tech-heavy Nasdaq Composite rallied 1 percent and the S&P 500 added 0.8 percent to close at record highs as Republicans progressed with President Trump's tax-cut bill. The narrower Dow gained 0.8 percent.
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